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Tel Aviv named as world's most expensive city

  • Sun Online Desk
  • 1st December, 2021 08:47:53 PM
  • Print news
Tel Aviv named as world's most expensive city

Tel Aviv has been named as the most expensive city in the world to live in, as soaring inflation and supply-chain problems push up prices globally, BBC reported.

The Israeli city came top for the first time in a survey by the Economist Intelligence Unit (EIU), climbing from fifth place last year and pushing Paris down to joint second with Singapore.

Damascus, in war-torn Syria, retained its place as the cheapest in the world.

The survey compares costs in US dollars for goods and services in 173 cities.

The EIU said the data it collected in August and September showed that on average prices had risen 3.5% in local currency terms - the fastest inflation rate recorded over the past five years.

Transport has seen the biggest price increases, with the cost of a litre of petrol up by 21% on average in the cities studied.