Tel Aviv tops list of world's most expensive cities

 

Tel Aviv tops list of world's most expensive cities: Tel Aviv, the capital of Israel, topped the list of the most expensive cities in the world. On the other hand, the cost of living is lowest in Damascus, Syria.

The London-based Economist Intelligence Unit (EIU) released a report on Wednesday on the cost of living.

It said Tel Aviv had overtaken other cities in the world in terms of the rising cost of living due to rising inflation. In second place is Singapore City and Paris, France. The cost of living is lowest in Damascus, Syria.

The EIU has compiled a list of 173 most expensive cities in the world based on the value of goods and services against the US dollar.

Tel Aviv topped the list as the Israeli currency, the shekel, depreciated against the dollar, increasing the cost of transportation and the price of groceries.

Last year, Paris, Zurich, and Hong Kong were the three most expensive cities in the world jointly on the EIU list.

Paris and Singapore are joint seconds on the list this year. It is followed by Hong Kong, a semi-autonomous region of China, and Zurich, Switzerland.

New York ranks sixth on the EIU list. Geneva, another city in Switzerland, is in seventh place. The other cities in the top ten are Copenhagen in Denmark, Los Angeles in the United States, and Osaka in Japan.

This year, EIU has compiled this list by collecting data from 173 cities of the world from last August to September. It has been seen that the prices of shipped goods and other essential commodities have increased all over the world during that time.

Commodity prices have risen by an average of 3.5 percent in local currencies around the world. This has led to the fastest inflation rate in the last five years.

Tehran, the capital of Iran, has topped the list of most expensive cities. The cost of living in the city has risen due to rising costs and product shortages due to various US sanctions.

Due to this, Tehran has risen to the 29th position by 50 steps ahead in Eklafe. Last year, the city rose 26 places to 69th position.