Hong Kong ranks 14th in world for cost of living
The EIU’s Worldwide Cost of Living 2013 survey ranked Hong Kong 14th on a global scale and the 4th in Asia, behind Singapore, Osaka and Tokyo.
The EIU’s Worldwide Cost of Living 2013 survey ranked Hong Kong 14th on a global scale and 4th in Asia, behind Singapore and Japan’s Osaka and Tokyo – the latter having edged Zurich off the top spot despite sliding 14 percentage points on the index.
“Rising living costs in Hong Kong are driven on a macro scale…although property prices are not taken into account in the study, the unrelenting growth in real estate costs also feed into higher prices for everything else,” said Susan Evans, an analyst at the EIU in Hong Kong.
"No doubt, the lack of extensive free market competition in Hong Kong's supermarket sector also has an impact on maintaining high prices."
The bi-annual study analyses 400 individual price points for 160 different products and services in 140 cities across the world. These included prices of bread, table wine, branded cigarettes and unleaded petrol.
The unrelenting growth in real estate costs also feed into higher prices for everything else
Jon Copestake, editor of the report, said Asian cities have been “rising on the back of wage growth and economic optimism” while most of Europe has seen relative declines due to economic austerity measures and currency fears.