JAKARTA. Singapore remains the world's most expensive city for a third year in a row, according to the latest survey by the Economist Intelligence Unit (EIU).

EIU said Singapore's complex Certificate of Entitlement system contributed to it being the most expensive place in the world to buy and run a car; which is why the country's transportation costs is up to 2.7 times higher than in New York. It is also said to be a very expensive city to buy clothes and pay for utilities.

The biannual cost of living survey also listed New York in the top ten for the first time in 14 years due to currency headwinds amid the globe's falling commodity prices, currency devaluations and geopolitical uncertainty.

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Meanwhile, the significantly weakened Australian and New Zealand dollars as well as euros have made cities in the region more affordable to global travelers; thus ousting Sydney, Melbourne and Oslo from this year's ten most expensive cities.

At the other end of the spectrum, Zambia's capital of Lusaka topped the world's least expensive cities, followed by cities in India and Kazakhstan.

EIU's Worldwide Cost of Living survey compares over 400 individual prices across 160 products and services including food, drink, clothing, household supplies and personal care items, rent, transportation, utility bills, private schools, domestic help and recreational costs.

Top 10 most expensive cities in the world:

1. Singapore, Singapore 2. Zurich, Switzerland 3. Hong Kong, Hong Kong 4. Geneva, Switzerland 5. Paris, France 6. London, UK 7. New York, US 8. Copenhagen, Denmark 9. Seoul, South Korea 10. Los Angeles, US

Top 10 cheapest cities in the world:

1. Lusaka, Zambia 2. Bangalore, India 3. Mumbai, India 4. Almaty, Kazakhstan 5. Algiers, Algeria 6. Chennai, India 7. Karachi, Pakistan 8. New Delhi, India 9. Damascus, Syria 10. Caracas, Venezuela