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City Of Israel Is The World's Most Expensive City Now
Israel's Tel Aviv is the world's most expensive city to live in.
Highlights
- Tel Aviv is the world's most expensive city to live in, as increasing inflation has driven up living costs abroad.
- The Worldwide Cost of Living Index is calculated by comparing the prices of products and services in US dollars in 173 cities.
According to a survey released on Wednesday, Tel Aviv is the world's most expensive city to live in, as increasing inflation has driven up living costs abroad.In the authoritative rating prepared by the Economist Intelligence Unit, the Israeli city rose five rungs to take first place for the first time (EIU).
The Worldwide Cost of Living Index is calculated by comparing the prices of products and services in US dollars in 173 cities. The strength of the national currency, the shekel, against the dollar, along with rises in transportation and grocery expenses, helped Tel Aviv climb the ranks.
Second and third, respectively, were Paris and Singapore, followed by Zurich and Hong Kong. New York was ranked sixth, and Geneva was ranked seventh.
The data was collected in August and September when freight and commodity costs surged, and it reveals that prices increased by 3.5 percent on average in local currency terms. This is the fastest inflation rate in the last five years. The repercussions in this year's index is very clear, with the spike in petrol prices especially stark. While the central banks are expected to hike interest rates gradually, lowering inflation.
Caracas, Damascus, Buenos Aires, and Tehran are four cities with extraordinarily high inflation rates that are not included in the average number.
Meanwhile, the Iranian capital has risen from 79th to 29th position in the rankings as a result of US sanctions, which have raised prices and caused shortages. Damascus has been enlisted the world's most inexpensive city to live in.
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