SINGAPORE : Beijing and Shanghai have jumped ahead of Singapore in the latest Cost of Living survey by human resource consultancy ECA International. 

According to the survey, Beijing is Asia's fifth most expensive location, up from eighth place in the previous year.

Shanghai also moved up the ranking from ninth position in 2011 to sixth place this year.

Meanwhile, Singapore slipped two places to eighth place in the Cost of Living ranking.

Despite the drop, Singapore is still ahead of Hong Kong which lies in ninth place, down from seventh in 2011.

The top four most expensive locations for expatriates in Asia are all in Japan - namely Tokyo, Nagoya, Yokohama and Kobe.

In a statement, ECA International said: "In Asia as a whole, the price of goods and services commonly purchased by expatriates has risen by just over 6 per cent on average - slightly higher than the 4 per cent increase witnessed a year ago. Tokyo is still the most expensive location in Asia - and the world - for international assignees."

Tokyo maintained its top spot in the global ranking, followed by Oslo in Norway and Nagoya in third place in 2012.

Despite falling in the Asia ranking, Singapore has continued its rise up the global ranking.

It is now in 32nd position, up from last year's 38th position and the previous year's 69th place.

According to the survey, the cost of living in Singapore for expatriates is now higher than cities such as Berlin in 47th place, Manhattan New York in 40th position and Paris in 34th.

Lee Quane, regional director at Asia for ECA International, said: "Prices of goods and services in our basket of items commonly bought by international assignees in Singapore have increased almost 6 per cent on average in the last 12 months. This is almost double the rate at which they rose a year ago.

"This, together with the fact that over the same period the Singapore dollar has remained strong against other major currencies, has contributed to Singapore's continued rise up the global ranking."

Meanwhile, Asian cities such as Beijing, Shanghai and Hong Kong also climbed up the global ranking.

Beijing is ranked as the world's 20th most expensive location for expatriates, while Shanghai is in 26th place, and Hong Kong in 36th position.

- CNA/ms (Via Channelnewsasia dated 21 Jun 2012 - Singapore Businessnews)