The latest ranking was compiled by the Economist Intelligence Unit (EIU).
Highlight
- Tel Aviv has emerged as the world’s most expensive place to live
- Paris and Singapore finished joint second
- Damascus named world’s cheapest city to live in
Most expensive place in the world: The Israeli city of Tel Aviv has emerged as the world’s most expensive place to live. The latest ranking was compiled by the Economist Intelligence Unit (EIU). The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities.
Tel Aviv climbed five places to take the top spot for the first time.
How did it get to the top?
There have been many reasons why Middle Eastern cities climb up the rankings. One of the major reasons is the strengthening of the national currency, the shekel, against the dollar, as well as a rise in the prices of transportation and groceries.
Paris and Singapore finished joint second, followed by Zurich and Hong Kong. New York was in sixth place, with Geneva in seventh.
Among the top 10 were Copenhagen in eighth place, Los Angeles in ninth and Osaka of Japan in 10th place.
Last year, the survey put Paris, Zurich and Hong Kong in joint first place.
Rising inflation has pushed up the cost of living globally, according to a survey published on Wednesday. This year’s data was collected in August and September as prices of goods and commodities increased and shows that average prices in local currency terms rose by 3.5 percent – the fastest recorded in the past five years. inflation rate.
Globally, restrictions due to the coronavirus pandemic have disrupted the supply of goods leading to shortages and high prices.
Meanwhile, Damascus has been ranked the cheapest city in the world to live in.
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With input from agencies
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