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Most expensive cities in world: New York and Singapore

The UK-based The Economist magazine has released its annual Worldwide Cost of Living report. The report, which examined 172 cities, was based on rent prices, food and beverage and energy costs in the cities. Last year's winner, Tel Aviv, took third place while the New York and Singapore took the lead.

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NEW YORK TOPS THE LIST FOR FIRST TIME It was noted that the highest inflation in the last 40 years in the US caused this increase, as New York and Singapore were the most expensive cities in the world this year.