The UK Economist Intelligence Unit (EIU), the world's foremost provider of country, industry and management analysis, has released its Worldwide Cost of Living Index 2014 Report.

The report revealed that Singapore is now the most expensive city in all of the world, mainly due to its currency appreciation and price inflation. The title of "cheapest city" also happens to be located in Asia, namely India's Mumbai.

Based on a survey covering 131 cities across the globe, this report sets New York as the benchmark city (New York=100) against other major cities.

The biannual survey compares more than 400 individual prices across 160 products and services, including food, beverages, clothing, household supplies and personal care items, rent, transport, utility bills, private schools, domestic help and recreational costs. More than 50,000 individual prices were collected in this survey. A range of stores such as supermarkets, mid-priced stores and higher-priced outlets, were also looked into. Instead of recommended retail prices or manufacturer costs, the ranked prices are what paying customers are actually being charged.

The following are the top 10 most expensive cities to live in the world.

 Copenhagen, Denmark

Copenhagen, Denmark [File photo]

WCOL index: 117

Rank movement: +5

Average price of 1kg loaf of bread: US$4.82

Average price of 1 bottle table wine (750ml): US$13.70

Average price of 20 branded cigarettes: US$7.35

Average price of 1 liter unleaded petrol: US$2.18