TAIPEI (Taiwan News) – Taipei fell 12 spots to No. 69 on the latest list of the world’s most expensive cities by consulting firm Mercer LLC, reports said Tuesday (June 18).

The Cost of Living City Ranking for 2024 also featured Taichung down eight spots at No. 132 and Kaohsiung 11 places lower than last year at No. 149, per Liberty Times. The two most expensive cities globally for international employees were also in Asia, with Hong Kong remaining at No. 1 and Singapore at No. 2.

Switzerland counted four cities in the top 10, including Zurich at No. 3. Nigeria’s largest city, Lagos, and its capital, Abuja, were the world’s most affordable cities, finishing at No. 225 and No. 226, respectively.

Mercer said inflation, local conflicts, and emergencies played a key role in making life more expensive in several locations. Housing, transportation, and goods and services in general saw price hikes in higher-ranking cities, while lower costs at locations near the bottom of the list were often the result of currency depreciations.

In each city, Mercer measured the comparative cost of more than 200 items, ranging from food and clothing to transportation and entertainment. The survey is designed to provide corporations with data to devise compensation packages for international employees.