The report, which lists the worlds most expensive cities to live based on factors like currency appreciation, inflation and cost of living, had last year's title holder, Tokyo, drop to sixth place, with Paris and Oslo coming in second and third, respectively.
"Car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car," reads the report.
Singapore's reliance on other countries for its energy and water needs makes it the third most expensive for utility costs. The city-state remains the most expensive place to buy clothes.
New York City is assigned a score of 100 and used as the baseline for the rankings. Singapore scored 130, meaning the cost of living is 30 percent higher than it is in New York City. Sin taxes on alcohol and tobacco products, added during a budget meeting last month, have increased the price of those goods by 25 percent and 10 percent, respectively.
Other Asia-Pacific cities to make the list are Melbourne and Sydney, taking the fifth and sixth place, respectively, with Hong Kong coming in the 13th spot. Tokyo's drop from the top has been attributed to the weaker yen.
The Indian cities of Mumbai and New Delhi were listed as the cheapest and third cheapest cities in which to live.
"Although India has been tipped for future growth, much of this is driven by its large population and the untapped potential within the economy," the EIU said. "Income inequality means that low wages proliferate, driving down household spending and creating many tiers of pricing that keep per capita spending low."