Tel Aviv Listed As World's Most Expensive City by Economist Intelligence Unit To Live

Tel Aviv has been titled as the most expensive city in the world to live in by the Economist Intelligence Unit, due to rapid increase in the inflation and supply chain problems grade up the price globally.

Soaring price hikes are leading to the fastest rise in the cost of living for city inhabitants in five years, according to data released today by the Economist Intelligence Unit (EIU) The cost of living in 173 cities around the world. Tel Aviv rose from fifth place in 2020 to overtake Paris, which had previously held the top spot.

In local currency terms, prices for the goods and services which covered by WCOL have increased by 3.5 percent year on year, compared to just 1.9 percent last year. The cost of transportation increased the highest in this year's poll, owing to rising oil prices, which drove a 21% increase in the price of unleaded gasoline, but the recreation, tobacco, and categories of personal care also saw significant increases. Caracas, Damascus, Buenos Aires, and Tehran are the four cities with the highest inflation rates.

Israel had one of the world's most efficient Covid-19 vaccination programmes, 62 percent of Israel's population has been properly vaccinated, according to data from Our World in Data. According to Reuters, the Israeli shekel was up 4% year-to-date against the US dollar in early November, but has subsequently lost ground.

Joining Tel Aviv, Paris, come down to second place with a tie with Singapore due to the decline in the cost of groceries and clothing.

The list of the most expensive cities in the world 2021

1. Tel Aviv, Israel

2. Paris, France

2. Singapore

4. Zurich, Switzerland

5. Hong Kong, China

6. New York, U.S.

7. Geneva, Switzerland

8. Copenhagen, Denmark

9. Los Angeles, U.S.

10. Osaka, Japan

Also Read: Gross Happiness Index in India

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