Israel's Tel Aviv has been named the most expensive city in the world, overtaking Paris and Singapore, according to the new Worldwide Cost of Living rating released by the Economist Intelligence Unit, an analytical division of the UK's Economist Group
MOSCOW (Pakistan Point News / Sputnik - 01st December, 2021) Israel's Tel Aviv has been named the most expensive city in the world, overtaking Paris and Singapore, according to the new Worldwide Cost of Living rating released by the Economist Intelligence Unit, an analytical division of the UK's Economist Group.
"The EIU's 2021 WCOL index, which tracks the cost of living in 173 cities across the world, also reveals Tel Aviv is now the world's most expensive city, rising from fifth place in 2020 to overtake Paris, which previously occupied the top spot," the Economist Intelligence Unit said in a statement on its website.
Tel Aviv's rise to the top place for the first time in the survey's history reflects the strength of the Israeli Currency, the shekel, against the US Dollar and the increases in grocery and transport prices.
The average 3.5% growth in prices for goods and services in the surveyed cities can be attributed to supply-chain problems caused by the pandemic and social restrictions affecting production and trade across the world, the report said.
The survey showed that cities with the highest cost of living are mainly located in Europe and in developed Asian states, with North American and Chinese cities being more moderately-priced. The cheapest cities are in the middle East and Africa, as well as less developed parts of Asia.
The city that saw the biggest jump is Iranian capital Tehran, which rose from 79th to 29th place following the US sanctions, while Syria's Damascus has retained its place as the cheapest city in the world to live in.
The data for the survey was collected between August to September 2021.
