Tel Aviv, Israel, is now the most expensive city in the world to live in, as per a biannual report by the Economist Intelligence Unit (EIU). The Israeli city is at top the EIU’s December 2021 worldwide cost of living index for the first time ever, going up from fifth place last year.
The Worldwide Cost of Living Index is compile by comparing prices in US dollars for goods and services in 173 cities.
Tel Aviv goes the rankings partly due to the strength of the national currency, the shekel, against the dollar, as well increases in prices for transport and groceries.
The survey put Paris, Zurich and Hong Kong in joint first place.
Paris and Singapore came joint second, followed by Zurich and Hong Kong.
New York was in sixth, with Geneva in seventh.
Rounding off the top 10 were Copenhagen in eighth, Los Angeles in ninth and Osaka, Japan, in 10th.
Most Expensive Cities in the World 2021
- Tel Aviv, Israel
- Paris, France
- Singapore
- Zurich, Switzerland
- Hong Kong, China
- New York, U.S.
- Geneva, Swizterland
- Copenhagen, Denmark
- Los Angeles, U.S.
- Osaka, Japan
Most Cheapest City in the World 2021
This year’s data was collect in August and September as prices for freight and commodities rose and shows that on average prices rose 3.5% in local currency terms the fastest inflation rate recorded over the past five years.
Upasana Dutt, head of worldwide cost of living at The EIU Said :
Social restrictions due to the coronavirus pandemic “have disrupted the supply of goods, leading to shortages and higher prices,”.
“We can clearly see the impact in this year’s index, with the rise in petrol prices particularly stark,”
While central banks are expect to raise interest rates cautiously, reducing inflation.
The average inflation figure does not include four cities with exceptionally high rates: Caracas, Damascus, Buenos Aires and Tehran.
The Iranian capital rose from 79th to 29th place in the ranking as US sanctions have push up prices and caused shortages.
Damascus was ranked the world’s cheapest city to live in.
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