Move over Paris, there’s a city more expensive than you this year.
The annual Worldwide Cost of Living index was released by the Economist Intelligence Unit (EIU) and the Israeli city of Tel Aviv vaulted from fifth last year to first this year, leapfrogging Paris as the most expensive. The city’s rise is accredited to hiked grocery and transport prices as well as the Israeli shekel’s strength over the U.S. dollar
Overall, cities in general were reported to be more expensive and inflation was the fastest growing in five years (3.5% year-on-year), research from the EIU revealed. That’s largely as a result of supply-chain blockages and consumer habits changing amid the coronavirus pandemic.
Paris tied with Singapore for second place this year. Zurich, Switzerland and Hong Kong, which both tied at the top with Paris last year, slid down to fourth and fifth, respectively.
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New York City (sixth) and Los Angeles (ninth) were the only two U.S. cities to rank in the top 10. Cities with currencies stronger against the U.S. dollar are likely to appear higher in the rankings because the index is benchmarked against prices in New York City.
A Palestinian family takes a selfie picture at a beach in the Israeli coastal city of Tel Aviv during the last day of Eid al-Adha holiday on July 22, 2021. Eid al-Adha (the Festival of Sacrifice) is celebrated throughout the Muslim world as a commemoration of Abraham’s willingness to sacrifice his son for God, and sacrificial animals are traditionally slaughtered on the holiest day.
The Worldwide Cost of Living Index explored the rise and fall of living costs in 173 cities altogether. The EIU’s global team of researchers compares the price of more than 200 everyday products and services in the cities every March and September. Data for the survey has been used for more than three decades.
The top 21 most expensive cities in the world
Tel Aviv, Israel
(tie) Paris, France
New York City, New York
Los Angeles, California
Seoul, South Korea
(tie) Vienna, Austria
(tie) Sydney, Australia
(tie) Helsinki, Finland
(tie) London, UK
(tie) Dublin, Ireland
(tie) Frankfurt, Germany
. (tie) Shanghai, China