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Singapore - world's 6th most expensive city

Advancing from the ninth place, Singapore is now ranked the world's sixth most expensive city to live in, according to the latest survey conducted by the London-based Economist Intelligence Unit (EIU).

The city-state continues to be the third most expensive city in Asia, after Japanese cities Tokyo and Osaka.

Tokyo regained top spot as the world's most expensive city, while Zurich - last year's top-ranked city - slid to seventh place.

The top five cities are Japan's Tokyo, Osaka, Australia's Sydney, Norway's Oslo and Australia's Melbourne. These cities are almost exclusively from Asia or Australia.

To determine the cost of living, the research team collected more than 400 individual prices from products and services in 140 global cities. All cities in the report are compared to New York as a base point, which is scored as 100 in the index. Singapore's score is 135, while that of Tokyo is 152.

"The cost of living in Europe has seen relative declines thanks to economic austerity and currency fears," said Jon Copestake, the report's editor.

The survey said "one of the features of the cost-of-living ranking over the last few years has been the rise of many Asian cities offsetting traditionally more costly European locations."

Singapore's Consumer Price Index (CPI) inflation in 2012 registered at 4.6 percent, while at the same time its currency also saw appreciation last year, which together make the city- state more expensive to live in.

According to the survey, there are now 11 Asian cities and eight European cities among the world's 20 most expensive cities, while a decade ago "this was six Asian vs. 10 European cities, with four cities from the U.S."