Not Paris or Singapore, this is now world’s most expensive city


PTI, Dec 1, 2021, 9:55 AM IST

 

London: Tel Aviv is the world’s most expensive city to live in as soaring inflation has pushed up living costs globally, according to a survey published on Wednesday.

The Israeli city climbed five rungs to score top place for the first time in the authoritative ranking compiled by the Economist Intelligence Unit (EIU).

The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities.

Tel Aviv climbed the rankings partly due to the strength of the national currency, the shekel, against the dollar, as well increases in prices for transport and groceries.

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 eighth, Los Angeles in ninth and Osaka, Japan, in 10th.

Last year, the survey put Paris, Zurich and Hong Kong in joint first place.

This year’s data was collected in August and September as prices for freight and commodities rose and shows that on average prices rose 3.5 percent in local currency terms — the fastest inflation rate recorded over the past five years.

Social restrictions due to the coronavirus pandemic “have disrupted the supply of goods, leading to shortages and higher prices,” said Upasana Dutt, head of worldwide cost of living at The EIU.

“We can clearly see the impact in this year’s index, with the rise in petrol prices particularly stark,” she said, while central banks are expected to raise interest rates cautiously, reducing inflation.

The average inflation figure does not include four cities with exceptionally high rates: Caracas, Damascus, Buenos Aires and Tehran.

The Iranian capital rose from 79th to 29th place in the ranking as US sanctions have pushed up prices and caused shortages.

Damascus was ranked the world’s cheapest city to live in.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

100 engineering colleges in Karnataka to be ‘adopted’ by corporates by next year: IT Minister Kharge

Siddaramaiah defends BPL ration card cancellation, says only ineligible beneficiaries affected

China announces new policy measures to protect its exports from Trump’s new tariff threat

Renovated Medical Oncology OPD and Chemotherapy Day Care Centre inaugurated at Kasturba Hospital, Manipal

Karnataka Health Minister justifies revision of user fees in state-run hospitals

Related Articles More

China announces new policy measures to protect its exports from Trump’s new tariff threat

Pak government prepares for proposed protest by former PM Imran Khan’s party on Nov 24

Gangster Lawrence Bishnoi’s brother Anmol arrested in US, lodged in Iowa jail

Pakistan to launch comprehensive operation against militants in Balochistan

PM Modi arrives in Brazil to attend G20 Summit on tour’s second leg

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Siddaramaiah says confident of winning all three bypolls in Karnataka

Hop on! IT Minister Priyank Kharge checks out Uber Shuttle at Bengaluru Tech Summit

Actress Kasthuri released from jail, says ‘I thank those who made me raging storm’

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

AIMPLB to hold its annual general sessions in Bengaluru from November 23

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.