London: Tel Aviv has pipped Paris and Singapore to become the world’s most expensive city to live in, as per the latest Worldwide Cost of Living 2021 report prepared by the Economist Intelligence Unit (EIU). Syria’s Damascus is the world’s cheapest city to live in as per the cost of living. The Worldwide Cost of Living explores the cost of living in 173 cities and is measured against “impactful global events”.Also Read - Israel Detects First Case of 'Florona', A Double Infection Of Covid-19 And Influenza: Report
The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities. Tel Aviv climbed the rankings partly due to the strength of the national currency, the shekel, against the dollar, as well increases in prices for transport and groceries. Last year, the survey put Paris, Zurich and Hong Kong in joint first place. Also Read - Israel Finally Reopens For Vaccinated Tourists | Add These Places to Your Travel List
Paris and Singapore came joint second, followed by Zurich and Hong Kong. New York was in sixth, with Geneva in seventh. Rounding off the top 10 were Copenhagen in eighth, Los Angeles in ninth and Osaka, Japan, in 10th. Also Read - International Flights: Air India Enhances Flight Frequency to Israel From Nov 6 | Full Schedule, Travel Guidelines, Other Details Here
10 most expensive cities in the world 2021
- Tel Aviv
- Paris and Singapore
- Hong Kong
- New York
- Los Angeles
Damascus was ranked the world’s cheapest city to live in.
10 Cheapest Cities To Live In As Per the EIU Report
- Damascus (Syria)
- Tripoli (Libya)
- Tashkent (Uzbekistan)
- Tunis (Tunisia)
- Almaty (Kazakhstan)
- Karachi (Pakistan)
- Ahmedabad (India)
- Algiers (Algeria)
- Buenos Aires (Argentina)
- Lusaka (Zambia)
Where did the Indian cities rank?
Ahemdabad found itself in the 7th cheapest city to live in the EIU report. Pakistan’s Karachi was at the sixth spot in the list of cities from cheapest to more expensive.
How was the cost of living index report prepared?
This year’s data was collected in August and September as prices for freight and commodities rose and shows that on average prices rose 3.5 percent in local currency terms — the fastest inflation rate recorded over the past five years.
Social restrictions due to the coronavirus pandemic “have disrupted the supply of goods, leading to shortages and higher prices,” said Upasana Dutt, head of worldwide cost of living at The EIU.
“We can clearly see the impact in this year’s index, with the rise in petrol prices particularly stark,” she said, while central banks are expected to raise interest rates cautiously, reducing inflation.
The average inflation figure does not include four cities with exceptionally high rates: Caracas, Damascus, Buenos Aires and Tehran.
The Iranian capital rose from 79th to 29th place in the ranking as US sanctions have pushed up prices and caused shortages.