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Tel Aviv ranked world's priciest city for first time

Tel Aviv ranked world's priciest city for first time

23 Sept 02:02 Key points summarised by AI
  • Tel Aviv ascended to the top spot as the world's most expensive city, primarily due to soaring global inflation, a strong national currency (shekel), and increased costs for transport and groceries.
  • The Economist Intelligence Unit's (EIU) Worldwide Cost of Living Index, which compares prices across 173 cities, recorded an average 3.5% price increase—the fastest inflation rate in five years.
  • Global price surges were exacerbated by supply chain disruptions from the coronavirus pandemic, leading to shortages and significantly higher commodity prices, especially for petrol.
  • Paris and Singapore tied for second place, with Zurich and Hong Kong following closely, while Damascus was identified as the world's cheapest city to live in.
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