Tel Aviv has been ranked the world’s most expensive city to live in thanks to the rapid rise in inflation that has pushed up the cost of a whole range of goods and services across the world in the wake of the coronavirus pandemic.
The Israeli city climbed five spots in the past 12 months to take the unwanted title away from last year’s joint winners of Paris, Hong Kong and Zurich, according to the authoritative ranking system compiled by the Economist Intelligence Unit (EIU).
The French capital was joint second with Singapore, while Zurich and Hong Kong made up the rest of the top five. New York was in sixth, with Geneva in seventh, and Copenhagen, Los Angeles and Osaka rounding off the Top 10.
London rose three spots to 17 in the annual ranking, with Sydney up one to 14, and Melbourne up two to 16.
Tel Aviv’s surge up the table was partly due to the strength of the national currency, the shekel, against the dollar, as well increases in prices for transport and groceries.
It was ranked the second most expensive city for alcohol and transport, and fifth for personal care and sixth for recreation. It made the top third in all 10 of the EIU’s major spending categories, with its index score up by 5 points since last year.
The dislocation of the global economy as it recovers from the stop-start impact of pandemic-enforced lockdowns this year played a large part in the shake-up of the rankings.
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