Tel Aviv is now the most expensive city in the world, according to a study released Wednesday. According to the Economist Intelligence Unit (EIU), Israeli cities gained five places for the first time thanks to the country’s strong currency, the shekel, and inflation.
The World Life Price Index was compiled by comparing prices in the United States.
Then Tel Aviv, Paris and Singapore are tied for second, then the Swiss Zurich and Hong Kong. New York was sixth and Geneva seventh. In an authorization ranking compiled by the Economist Intelligence Unit (EIU), Copenhagen was ranked 8th, Los Angeles 9th and Osaka, Japan 10th.
Last year, Paris, Zurich and Hong Kong tied for first place.
This year’s data was collected between August and September as freight and commodity prices rose, showing average prices up 3.5% in local currencies. It has had the highest inflation rate in the past five years.
The Iranian capital fell from 79th to 29th as US sanctions pushed up prices and created a backdrop. Damascus was voted the best city in the world.
