First modification:
The ranking published this Wednesday, December 1, 2021, gives a second shared place to Paris and Singapore, while it classifies Damascus, the Syrian capital, as the cheapest city to live in.
The strengthening of the shekel, the local Israeli currency, as well as accelerated inflation, made Tel Aviv lead the ranking of ‘The Economist’ of the most expensive cities in the world for the first time.
According to the ranking compiled by the Economist Intelligence Unit (EIU), the Israeli city climbed five notches and ranked above such expensive cities as Paris, in France, or Singapore. Last year, the poll had put Paris, Zurich and Hong Kong together in first place.
In this year’s list, Tel Aviv, Paris and Singapore are followed by Zurich (Switzerland), Hong Kong, New York (United States), Geneva (Switzerland) and Copenhagen (Denmark), after comparing the prices of more than 200 products and services in 173 cities.
Rounding out the top 10 were Los Angeles, in ninth place, and Osaka, Japan, in tenth.
The data, collected in August and September, reflects an average increase of 3.5% in prices in local currency, the fastest inflation rate registered in the last five years. In the case of Tel Aviv, the analysis highlighted the shortage of food, raw materials, alcohol and transportation.
The average inflation data does 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 US sanctions have raised prices and caused shortages.
Damascus, meanwhile, was ranked as the cheapest city in the world to live in.
With AFP and EFE
.