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Tel Aviv, Israel’s largest metropolis, has been named the most expensive city in the world to live in. The Economist Intelligence Unit came up with the newest rating (EIU). The World Cost of Living Index is calculated by comparing the prices of products and services in US dollars in 173 locations throughout the world.
For the first time, Tel Aviv has climbed five rungs to the summit.
What was its method of ascension?
Many factors contributed to the city’s rise up the ranks in the Middle East. The strengthening of the national currency, the shekel, against the dollar, as well as increases in transportation and grocery expenses, are two of the most important reasons.
Second place went to Paris and Singapore, with Zurich and Hong Kong following closely behind. New York was placed sixth, and Geneva was ranked seventh.
Copenhagen, in eighth place, Los Angeles, in ninth place, and Osaka, Japan, in tenth place, rounded out the top ten.
Paris, Zurich, and Hong Kong were tied for first position in the study last year.
According to a survey released on Wednesday, rising inflation has raised living costs around the world. This year’s data was collected in August and September when freight and commodity costs soared, and it reveals that prices rose 3.5 percent on average in local currency terms, the quickest rate in the last five years.
The coronavirus pandemic has impacted the global supply of commodities, resulting in shortages and higher costs.
Damascus, on the other hand, has been named the world’s most affordable city to live in.