ZURICH has leapfrogged ahead of Tokyo in the league table of the world’s most expensive cities after the Swiss franc’s sharp rise and its allure as a safe-haven currency for investors sent the cost of living soaring. 
 
 The Swiss city, which is now almost 50 per cent more expensive than London, has jumped from fifth place, while Geneva rose six places into joint third alongside Japanese city Osaka, according to the Worldwide Cost of Living Survey from the Economist Intelligence Unit. 
 
 The survey of 130 cities worldwide showed that despite Eurozone troubles, German and French cities have stayed relatively expensive with Paris and Frankfurt holding firm in the league table in sixth and tenth place. 
 
 Even though inflation levels passed five per cent last year, a weaker pound meant London actually fell slightly in the ranking from 15th to 17th place. 
 
 The Norwegian capital, Oslo, which was ranked the world’s most expensive city only a few years ago, dropped two places to fifth place. 
 
 Strong currency shifts have also propelled five Australian cities into the top 20, led by Sydney and Melbourne in seventh and eighth places. 
 
 “Exchange rates have been the greatest influence for the Australian cost of living, with the Australian dollar seeing its value to the US dollar double in a decade,” survey editor Jon Copestake said in the statement. 
 
 Meanwhile Asian cities moved up the ranking, with Singapore gaining one place to ninth spot and Seoul climbing nine places to 27th, highlighting a shift away from the traditionally more expensive Western Europe hubs. 
 
 Cities from the Asia Pacific region have continued to boom and now make up half of the top ten, but Western Europe still accounts for 24 of the most expensive cities in the top 50, with 14 hailing from Asia. 
 
 Asia was also home to some of the cheapest cities. Three of the four cheapest were in the Indian subcontinent. These included New Delhi and Mumbai in India, and Karachi in Pakistan, which was the cheapest of cities surveyed. 
 
 The bi-annual survey from the Economist Intelligence Unit compares more than 400 individual prices across 160 products and services such as food, transport, housing, utilities and private schools. 
 
 For example, the price of a loaf of bread has more than doubled in London in ten years, with the cost of a bottle of wine rising by 50 per cent. Taxes have also played a part, with petrol pump prices up by over 75 per cent and cigarette prices by almost 60 per cent. 
 
 “Over time we have seen the price of commodity driven groceries like bread and petrol rise substantially. However, less essential items have actually been falling in price recently, after rising during better economic times,” Copestake said. 
 
 Canada’s Vancouver has overtaken all US cities to become the most expensive in North America, ranked 37th. 
 
 Los Angeles was the most expensive US city -- equal 42nd with Shanghai -- while New York was 47th. ||||| Singapore is now the most expensive city in the world, according to the latest study by the Economist Intelligence Unit. -- ST FILE PHOTO: DESMOND WEE 
 
 Singapore is now the most expensive city in the world, according to the latest study by the Economist Intelligence Unit. This is mainly due to the strong Singapore dollar and the high cost of cars, utilities and clothes, the research firm said. 
 
 "Singapore's rising price prominence has been steady rather than spectacular. The city-state was 18th most expensive ten years ago and has actually seen the cost of living compared with New York City decline over the last 12 months," it said in its report on Tuesday. 
 
 "However, over the last decade a 40 per cent currency appreciation, coupled with solid price inflation, has consistently pushed Singapore up the ranking." 
 
 The EIU Worldwide Cost of Living survey compares the cost of living in various cities around the world against that of New York.
– Tokyo, rated the world's most expensive city last year by the Economist Intelligence Unit, has dropped out of the top five thanks to the soaring cost of living in other cities, including the new No. 1, Singapore. The city-state was sent to the top of the list by its strong currency and the sky-high cost of running a car, reports the BBC, which notes that Singapore is also the most expensive place in the world to buy clothes. Paris, Oslo, Zurich, and Sydney also made the top five out of 131 cities ranked, with Tokyo falling to sixth place. Researchers say Singapore's rise to the top from 18th most expensive a decade ago has been "steady rather than spectacular," the Straits Times reports. The cheapest cities included major Indian cities like Mumbai and New Delhi, as well as Damascus, Syria, where civil war has apparently caused prices to plunge.