Wondering which is the world's most expensive city? It's not Paris, Singapore or New York; Check out list
The Worldwide Cost of Living Index is calculated by comparing the costs of products and services in US dollars in 173 locations.
Tel Aviv is the most expensive city in the world to live in, with rising inflation driving up global living costs, according to a poll issued on Wednesday, In the official rating published by the Economist Intelligence Unit, the Israeli city rose five rungs to take the first position for the first time (EIU). The Worldwide Cost of Living Index is calculated by comparing the costs of products and services in US dollars in 173 locations. Tel Aviv climbed the ranks, thanks in part to the strength of the national currency, the shekel, against the dollar, as well as increases in transportation and food costs.
Paris and Singapore were tied for second place, followed by Zurich and Hong Kong. New York was sixth, while Geneva was seventh. Copenhagen was ranked eighth, Los Angeles was ranked ninth, and Osaka, Japan was ranked tenth. Paris, Zurich, and Hong Kong tied for first place in the research last year.
This year's data was gathered in August and September when freight and commodity prices were rising. It indicates that prices jumped 3.5 per cent on average in local currency terms – the fastest inflation rate recorded in the last five years.
According to Upasana Dutt, The EIU's head of international cost of living, social limitations caused by the coronavirus epidemic have disturbed the supply of commodities, resulting in shortages and increased costs. She stated that the impact could be seen in this year's index, with the spike in gasoline costs being particularly noticeable. Central banks are likely to hike interest rates slowly, lowering inflation.
Caracas, Damascus, Buenos Aires, and Tehran are the four cities with abnormally high inflation rates. As a result of US sanctions, the Iranian capital has risen from 79th to 29th position in the rankings. Damascus was named the world's most affordable city to live in.