Inflation and strengthening of the shekel made Tel Aviv the most expensive city in the world to live

Tel Aviv (Israel) is recognized as the most expensive city in the world to live in. This happened due to the rapid rise in inflation, which has raised the cost of a number of goods and services around the world in connection with COVID-19. Writes about it The Guardian.

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According to the ranking compiled by the Economist Intelligence Unit (EIU), the Israeli city has risen five places in the last 12 months. He took the title from last year's joint winners - Paris (France), Hong Kong and Zurich (Switzerland).

The French capital was joint second with Singapore, with Zurich and Hong Kong making up the rest of the top five. New York was in sixth place, Geneva (Switzerland) was in seventh, and Copenhagen (Denmark), Los Angeles (California) and Osaka (Japan) rounded out the top ten.

London (UK) climbed three places to 17 in the annual rankings, Sydney (Australia) climbed one to 14 and Melbourne (Australia) climbed two to 16.

The sharp rise in Tel Aviv's rating was partly due to the strengthening of the national currency, the shekel, against the dollar, as well as higher prices for transport and food.

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It ranked second in terms of the cost of alcohol and transport, fifth in personal care products, and sixth in terms of recreation. It came in third in all 10 major spending categories, and its index is up 5 points from last year.

The dislocation of the global economy as it recovers from the pandemic has played a large role in the ranking.

In some countries, energy and food prices have risen sharply due to trade restrictions, labor shortages and ongoing supply problems. The study showed that the average cost per liter of gasoline increased by 21%.

Data on 50 goods and services in 000 cities was collected in August and September, when prices for goods rose. On average, prices rose 173% in local currency terms, the highest inflation rate in five years. The survey includes rental costs but does not take into account property prices.

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Upasana Dutt, Head of Cost of Living at EIU Worldwide, said: "We are clearly seeing the impact, especially the sharp rise in gasoline prices."

This year the ranking was supplemented with 40 new cities. Scotland's capital Edinburgh was ranked 27th, tied with high cost of living cities such as Auckland and Minneapolis. Two other new cities - Stuttgart (Germany) and San Diego (California) - also entered the top 50.

The biggest drop occurred in Rome (Italy): it fell 16 spots to 48, with food and clothing prices falling particularly sharply. Bangkok and Lima came in second in terms of fall in the rankings, showing significant declines in all categories.

Tehran (Iran) climbed 50 spots to 29th on continued restrictions, shortages of goods and rising import prices following renewed US sanctions.

Damascus has been ranked as the cheapest city in the world to live in, followed by Tripoli in Libya and Tashkent, the capital of Uzbekistan.

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