Which is the most expensive city to live in? See the latest rankings
This city has pulled down last year’s toppers – Paris, Zurich and Hong Kong – to be ranked as the most expensive city. Read on:
Do you have any idea on which city in the world is the priciest? We know you have a set of city names that are the most expensive to live in. But this time around, your guess could go wrong!
For example, a city in Israel has ranked on top of the list of the most expensive ones. And that city is Tel Aviv. Burgeoning inflation is said to be the reason why Tel Aviv has turned out to be the most expensive city to live in.
A ranking by the Economic Intelligence Unit (EIU) has said that Tel Aviv rose five notches to place itself on top of the most expensive cities’ list. The rankings have been arrived at by comparing prices in US Dollars for goods and services in 173 cities.
The national currency (Shekel) gaining in strength against the US Dollar, along with the catapulting transport and grocery prices made Tel Aviv stand on top compared to the other cities surveyed.
Paris and Singapore tied in 2nd slot
It may be recalled that the EIU rankings had tied Paris, Zurich and Hong Kong in a joint first place in the most expensive city listings last year. However, this year, Paris and Singapore finished a joint second
The other two most expensive cities of last year – Zurich and Hong Kong – followed Paris and Singapore, while New York was in sixth slot, and Geneva in the seventh. Copenhagen finished eighth, Los Angeles ninth and Osaka was at the 10th place.
It has been reported that data for the current year’s rankings were compiled during the August-September period. This is because freight and commodities’ prices normally see a jump during these months. On an average, prices rose 3.5 percent in local currency terms.
Pandemic restrictions decide most expensive cities
A major reason attributed to the expensive behaviour of the cities are the restrictions imposed due to the Coronavirus pandemic. The virus spread had disrupted the supply of goods, which in turn had brought in shortages, leading to a price rise.
A case worthy of notice in the rankings is that of Tehran. Post US sanctions imposed on Iran, the prices had jumped in Iranian capital. Tehran, in fact, leapfrogged from the 79th to 29th place in the ranking. Meanwhile, the cheapest city to live in is Damascus.
