Paris and Singapore share second place on the list, followed by Zurich and Hong Kong.
Tel Aviv is the most expensive city in the world, according to an annual study by The Economist, which highlights that supply problems have driven up prices in many cities.
“In 5th position last year, Tel Aviv becomes the most expensive city in the world” for the first time, according to a statement released on Wednesday.
This position reflects “the vitality of the Israeli currency, the shekel, against the dollar, since the index is based on prices in New York,” the study states.
Paris and Singapore share second place on the list, followed by Zurich and Hong Kong. New York appears in sixth place.
Last year, the list was headed by Paris, Zurich and Hong Kong, all three in first position.
According to the study, the price increase is the fastest in five years, at 3.5%.
“Supply chain problems have contributed to rising prices, COVID-19 and social restrictions continue to weigh on production and trade around the world,” continues The Economist.
Transport prices have skyrocketed due to higher fuel prices, according to the study. But tobacco and leisure also posted strong increases.
The study also highlights the galloping inflation in Damascus, Caracas, Buenos Aires and Tehran.
The capital of Syria is, according to the text, the cheapest city to live in. (I)
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