Ranked the world’s priciest city, Tel Aviv has now reached the top of the charts according to a recent global survey.
According to the authoritative ranking compiled by the Economist Intelligence Unit (EIU), Tel Aviv has now become the most expensive city to live in as soaring inflation has pushed up living costs globally. As it stands, Tel Aviv climbed the rankings partly due to the strength of the shekel against the dollar, as well increases in prices for transportation and groceries.
The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities. As per the survey, Paris and Singapore came joint 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 the ninth, and Osaka, Japan, in the 10th.
This year’s data was collected in August and September when prices for freight and commodities rose worldwide. On average, prices rose 3.5% in local currency terms, which is the fastest recorded inflation rate of the past five years. This average inflation figure does not include four cities with exceptionally high rates: Caracas, Damascus, Buenos Aires, and Tehran.
Meanwhile, Damascus was ranked the world’s cheapest city to live in.