WORLDWIDE COST OF LIVING REPORT
- The Worldwide Cost of Living Index released by the Economist Intelligence Unit (EIU) has listed the world’s most expensive cities to live in 2021.
- The index explored the cost of living in 173 cities, 40 more than last year, measured against impactful global events.
- It stated that prices for goods and services have risen by 3.5 per cent year-on-year, the highest inflation rate seen in the last five years.
- This year, Tel Aviv, a city in Israel, has leaped to the top of the list, jumping past Paris and Singapore which are at a joint second ranking, followed by Zurich and Hong Kong.
- Tel Aviv’s ranking on the list is attributed to its national currency, Shekel’s strength against the US dollar, and increases in grocery and transport prices.
- The index is benchmarked against the prices of 200 everyday products and services in New York, meaning that the countries with currency stronger than the US dollar will appear higher on the list.