TEL AVIV NAMED WORLD’S MOST EXPENSIVE CITY

Wed 01 December 2021:

According to the new Worldwide Cost of Living rating released by the Economist Intelligence Unit, an analytical division of the UK’s Economist Group, Israel’s Tel Aviv has surpassed Paris and Singapore as the most expensive city in the world.

“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.

The strength of the Israeli currency, the shekel, against the US dollar, as well as increases in grocery and transportation prices, have propelled Tel Aviv to the top of the rankings for the first time in the survey’s history.

According to the report, supply-chain problems caused by the pandemic and social restrictions affecting production and trade around the world are to blame for the average 3.5 percent increase in prices for goods and services in the surveyed cities.

According to the survey, the cities with the highest cost of living are mostly in Europe and developed Asian countries, while cities in North America and China are more moderately priced. Cities in the Middle East and Africa, as well as less developed parts of Asia, are the most affordable.

Iran’s capital, Tehran, jumped from 79th to 29th place as a result of US sanctions, while Syria’s Damascus remained the world’s cheapest city to live in.

The survey’s data was gathered between August and September of 2021.

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