TRAVEL
This is the World’s Most Expensive City to Live
Source: AFP via Getty Images
Watching your budget? You may want to avoid relocating to Tel Aviv, Israel!
According to a report by the Economist Intelligence Unit, Tel Aviv is now the most expensive city in the whole world to live in, climbing up from fifth place last year.
Newly released, #worldwidecostofliving 2021 survey finds one city from the Middle East topping the rankings for the first time. With inflation of tracked prices the highest in five years, we reveal what else affected the rankings: https://t.co/BcGhEDQDPD pic.twitter.com/zDslv1rIxb
— Economist Intelligence: EIU (@TheEIU) December 1, 2021
CNBC reports this is the first time Tel Aviv topped the EIU’s list, which looks at the prices of over 200 services and products in 173 cities.
The EIU said supply chain issues have contributed to price rises in many cities, thanks to the coronavirus pandemic and social restrictions affecting trade and production across the globe.
“On average, prices for the goods and services covered by WCOL (Worldwide Cost of Living index) have risen by 3.5% on year in local-currency terms, compared with an increase of just 1.9% this time last year,” the EIU said in its report. “Transport costs rose most rapidly in this year’s survey, mainly because of rising oil prices driving a 21% increase in the price of unleaded petrol, but the recreation, tobacco and personal care categories also showed strong increases.”
“Over the coming year, we expect to see the cost of living rise further in many cities as wages increase in many sectors,” Upasana Dutt, head of Worldwide Cost of Living at EIU, said in a statement. “However, we are also expecting central banks to raise interest rates, cautiously, to stem inflation. So the price increases should start to moderate from this year’s level.”
According to the EIU’s report, the Syrian city of Damascus remains the world’s cheapest city.
The most expensive cities in the world for 2021, according to the Economist Intelligence Unit are:
1. Tel Aviv, Israel
2. Paris, France
2. Singapore (tied in second place with Paris)
4. Zurich, Switzerland
5. Hong Kong, China
6. New York, USA
7. Geneva, Switzerland
8. Copenhagen, Denmark
9. Los Angeles, USA
10. Osaka, Japan
