手帳

		Singapore is now ranked 10th most expensive city in the world, but economists here note that this reflects sharp exchange rate movements rather than changes in living costs.

The Republic leapt five places to 10th costliest city in the world in just six months, as European cities like Brussels and Dublin have become relatively cheaper places following the euro's plunge in value, according to the Economist Intelligence Unit (EIU) survey of 140 cities.

London fell from 8th to an incredible 27th on the list - reflecting the near 30 per cent depreciation of the British pound against the dollar over a half-year period.

Report editor Jon Copestak said: 'Two factors drive the relative cost of living - local prices and exchange rates.

'Normally our ranking of cities by cost of living is relatively stable, but in the current global climate, changes in exchange rates have significantly altered our assessment of the most and least expensive cities.'

The survey, which updates EIU's findings last September with the exchange rates that applied last month, now ranks Tokyo and Osaka as the most expensive cities in the world.

The euro and pound weakened dramatically during the interim as the financial crisis gained momentum, with markets witnessing a flight to perceived safe haven currencies such as the yen and the US dollar.

A stronger US dollar helped push Hong Kong - whose currency is pegged to the dollar - 17 places higher up to 11th, just behind Singapore.

The cost of living in Chinese cities like Shanghai, where the yuan is pegged to the dollar, rose steeply relative to cities in other countries.

The EIU's index, which measures the prices of 160 products and services such as food, clothing and utilities, but does not include commercial or residential rent, is designed to help companies calculate the pay packages they give to their expatriate employees.