Israeli city Tel Aviv has emerged as the world’s most expensive place to live in. 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 steps up to score a top place for the first time.
There have been many reasons how the middle eastern city climbed the rankings. One of the major reasons is the strengthening of the national currency, the shekel, against the dollar, as well increases in prices for transport and groceries.
Paris and Singapore came second, followed by Zurich and Hong Kong. New York was in sixth, with Geneva in seventh.
Rounding off the top 10 were Copenhagen in the eighth, Los Angeles in ninth and Osaka, Japan, in 10th.
Last year, the survey put Paris, Zurich, and Hong Kong in the first place.
The soaring inflation has pushed up living costs globally, according to a survey published on Wednesday. This year’s data was collected in August and September as prices for freight and commodities rose and shows that on average prices rose 3.5 percent in local currency terms, the fastest inflation rate recorded over the past five years.
Globally, restrictions due to the coronavirus pandemic have disrupted the supply of goods which led to shortages and higher prices.
Meanwhile, Damascus was ranked the world’s cheapest city to live in.