Shanghai found to be pricier than New York

Shanghai ranked 21st on the Economist Intelligence Unit's biannual global cost of living survey, local media reported Wednesday.

Shanghai moved up nine places compared with last year. It was also the first time that the city ranked higher than New York. The change in living costs is illustrative of a stronger yuan and higher inflation, according to a report on ifeng.com.

Singapore ranked first in the survey and New York ranked 26th, according to news portal ifeng.com. Shanghai's transportation cost is three times that of New York.

The survey pointed out that Shanghai has limited natural resources and relies on other parts of the country for energy and water, both key contributors to the fact that it is the third most expensive city in terms of utility costs.

The survey compares the cost of living in 131 cities in 97 countries based on more than 400 individual prices of 160 products and services.

It scored each city in comparison to New York, which served as a benchmark. Two other Chinese cities ranked in top 50. Hong Kong ranked 13th, up one spot from last year, and Beijing ranked 47th, up from 54th last year.