The Economist Intelligence Unit (EIU) recently published a list of the most expensive cities in 2021. The ranking is led by the Israeli city of Tel Aviv, which obtained its title due to the strengthening of the shekel, the local Israeli currency, as well as accelerated inflation.
According to this list, the Israeli city climbed five spots and ranked above cities like Paris, France, or Singapore. Last year, the survey put Paris, Zurich and Hong Kong in first place together.
The recognition reflects "the vitality of the Israeli currency, the sequel, against the dollar, as the index takes as a comparative basis the prices in New York," the study announced in one of its press releases.
According to the study, the price increase was the fastest in five years, at 3.5%.
"Supply chain problems have contributed to rising prices, COVID-19 and social constraints continue to weigh on production and trade around the world," The Economist wrote.
Commenting on the publication, Upasana Dutt, director of global cost of living at EIU, said in a statement: "While most economies around the world are currently recovering as COVID-19 vaccination campaigns are implemented, many major cities are still experiencing increases in case numbers, leading to social constraints. This has disrupted the supply of goods, leading to shortages and higher prices."
In order, the 10 most expensive cities in the world are:
1. Tel Aviv
2. Paris and Singapore
5. Hong Kong
6. New York
9. Los Angeles
The average inflation data did not include four cities with exceptionally high rates: Caracas (Venezuela), Damascus (Syria), Buenos Aires (Argentina) and Tehran (Iran). But they are included in the ranking: the Iranian capital rose from 79th to 29th place, as U.S. sanctions have raised prices and caused shortages.
Damascus, meanwhile, was ranked the cheapest city in the world to live in overall, while Buenos Aires is the cheapest city to live in the Americas and the ninth cheapest in the world.