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Singapore Is Now The World's Most Expensive City

LINDA WERTHEIMER, HOST:

NPR business news starts with big-city living.

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WERTHEIMER: Singapore takes over as the world's most expensive city. That's according to a new report released today by The Economist Intelligence Unit. Singapore bumped Tokyo from the top spot and beat out Paris, London and Hong Kong because of its high cost of living.

Inflation has risen over the past decade, as the Singapore dollar has gained 35 percent. Singapore is smaller in size than New York City, but has transportation costs that are almost three times higher. Housing prices have also soared on the island city state. It's also the most expensive place in the world to buy clothes. Transcript provided by NPR, Copyright NPR.