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 on Wednesday. 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). The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities.
Tel Aviv climbed the rankings 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. Last year, the survey put Paris, Zurich and Hong Kong in joint first place. 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.