Tel Aviv has been named as the most expensive city in the world to live in, as soaring inflation and supply-chain problems push up prices globally.
The Israeli city came top for the first time in a survey by the Economist Intelligence Unit (EIU), climbing from fifth place last year and pushing Paris down to a joint second with Singapore. Damascus, in war-torn Syria, retained its place as the cheapest in the world. The survey compares costs in US dollars for goods and services in 173 cities.
The EIU stated that the data collected in August and September showed that on average prices had risen 3.5% in local currency terms – the fastest inflation rate recorded over the past five years. Transport has seen the biggest price increases, with a cost of a litre of petrol up by 21% on average in the cities studied.
Tel Aviv climb to the top of the EIU’s World Cost of Living rankings mainly reflected the soaring value of Israeli’s currency, the shekel, against the dollar. The local prices of around 10% of goods also increased significantly, especially for groceries. The survey found Tel Aviv was the second most expensive city for alcohol and transport, fifth for personal care items and sixth for recreation.
