Stronger US Dollar Propels Los Angeles Onto List Of World's Most Expensive Cities

LOS ANGELES (CBSLA.com) — Just in case you needed a reminder, Los Angeles is a pricey place to live.

The City of Angels tied for the eighth most expensive city in the world in a survey from the Economist Intelligence Unit, second among all U.S. cities only to New York, which ranked seventh.

Rankings were based on hundreds of individual prices for over 150 products and services.

For the third straight year, Singapore earned the ranking's top spot, followed by Zurich and Hong Kong.

Both L.A. and New York were propelled onto the annual rankings for the first time largely because of a stronger dollar, according to the Wall Street Journal.

Other American cities on the list include San Francisco (34), Chicago (21) and Washington, D.C. (26).

While gas prices have fluctuated over the last few years, drivers on both the East and West coasts are still paying less at the pump than the rest of the world: prices in Paris and Hong Kong are around $6 per gallon in 2016, compared with roughly $4 in L.A.

And Angelenos can still take solace in the fact that, according to the study, the average price of a loaf of bread has remained relatively stable, hovering between $5 and $6 between 2006 and 2016.

That's compared with the roughly $8 New Yorkers pay for dough this year, up about $3 from 2006.