12/01/2021, 15.16
ISRAEL – ASIA
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Tel Aviv is the most expensive city in the world

The annual Worldwide Cost of Living survey by the Economist Intelligence Unit places the Israeli city at the top, followed by Singapore, Paris and Hong Kong. Food, alcohol and transportation are behind higher costs in Tel Aviv. For migrants, the most expensive cities are Ashgabat, Hong Kong and Beirut.

Tel Aviv (AsiaNews) – Tel Aviv is the most expensive city in the world, followed by Singapore, Paris, Hong Kong and Zurich, while the COVID-19 pandemic continues to disrupt supply chains, causing the cost of living to skyrocket.

According to the Worldwide Cost of Living Survey (WCOL 2021), prepared by the Economist Intelligence Unit (EIU), Israel’s commercial capital has climbed four positions to the top because of the country’s soaring currency and rising prices for food and transportation.

The survey, which looked at over 200 products and services and compared prices in 173 cities around the world, is used by international companies to negotiate adequate compensation packages when moving staff. It can also be used to show price changes both locally and globally.

In Tel Aviv, food, alcohol and transportation drove up prices, putting the city in first place. However, centuries-old European cities and highly developed Asian metropolises lead the way in terms of prices, while inflation in North American and Chinese cities remains moderate.

Last June, another survey by global consultancy Mercer showed that Turkmenistan's capital Ashgabat, Hong Kong and Beirut were the three most expensive cities in the world for foreign migrant workers.

According to the EIU, Damascus (Syria) and Tripoli (Libya) are among the cheapest cities in the world; in both, life has been turned upside down by years of wars and violence and most residents are barely surviving.

Among the capitals that have climbed the WCOL ranking we find Tehran (Iran), which jumped 50 places, from 79 to 29. New US sanctions “maximum pressure” under the former Republican administration of President Donald Trump are behind the surge in prices.

The price of the EIU’s basket of goods and services for Tehran went up by 42 per cent in local currency terms since November 2020.

“Over the coming year, we expect to see the cost of living rise further in many cities,” the EIU said.

The agency forecast that global consumer price inflation will average 4.3 per cent in 2022, down from 5.1 per cent in 2021, but still substantially higher than in recent years.

“If supply chain disruptions die down and lockdowns ease as expected, then the situation should improve towards the end of 2022, stabilising the cost of living in most major cities,” the report added.

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