The Economist Intelligence Unit (EIU) said that rising shekel and price increases for goods were the main factors in Israel’s Tel Aviv taking the top spot.
Tel Aviv is the world's most expensive city in the world to live in as soaring inflation has pushed up living costs globally, according to a survey published on Wednesday.
The Economist Intelligence Unit (EIU) said that rising shekel and price increases for goods were the main factors in Israel’s Tel Aviv taking the top spot. Tel Aviv climbed from fifth place last year to top the Worldwide Cost of Living 2021 report for the first time.
“Although most economies across the world are now recovering as Covid-19 vaccines are rolled out, many major cities are still seeing spikes in cases, leading to social restrictions,” Upasana Dutt, head of worldwide cost of living at EIU, said in a statement.
Here is the list of 10 most expensive cities in the world:
1. Tel Aviv
2. Paris and Singapore
5. Zurich and Hong Kong
6. New York
7. Geneva
8. Copenhagen
9. Los Angeles
10. Osaka, Japan
Here are other key findings in the study:
1. Italy's Rome saw the biggest drop in the ranking from 32nd to 48th place
2. Tehran leaped from 79th to 29th place after the US reimposed sanctions on Iran
3. Hong Kong had the most expensive petrol prices, at $2.50 for a litre
4. Prices of branded cigarette rose 6.7% on average
5. Syria’s Damascus remains the world’s cheapest city
EIU conducts the Worldwide Cost of Living study twice a year and compares more than 400 individual prices across 200 products and services in US dollars in 173 cities.
The study collected this year's data in August and September as prices for freight and commodities rose and shows that on average prices rose 3.5 per cent in local currency terms—the fastest inflation rate recorded over the past five years.
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