Singapore has become the world’s second most expensive city to live in. 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 yesterday.
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) 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.
The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities.
Last year, the survey put Paris, Zurich and Hong Kong in joint first place.
Damascus was ranked the world’s cheapest city to live in this year.
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.
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