Sayonara, Tokyo. Singapore is now the world’s most expensive city, according to the annual cost-of-living index from the Economist Intelligence Unit, released in March. The Singapore dollar’s appreciation and high transport costs propelled it to the top spot. Tokyo and Osaka, first and second in last year’s ranking, saw the biggest falls in costs because of a cheaper yen. The index is a weighted average of the prices of 160 products and services, with New York’s figure set to 100. Paris rose six places, reflecting a recovery in European prices. Tehran experienced a steep rise in costs over the past five years as sanctions began to bite. Mumbai offers the best value for money. But why is Caracas one of the priciest cities? Because the Venezuelan bolívar is pegged to the dollar: if black-market rates were applied, Caracas would comfortably become the world’s cheapest city in which to live.