Tel Aviv, the most expensive city in the world named in 2021
In 2020, Tel-Aviv was in 5th position in “The Economist”. In 2021, Tel Aviv became the most expensive city in the world, overtaking Paris and Singapore.
According to the study, the index uses New York prices as a basis for comparison and the shekel is strengthening against the dollar. The study points out that the price increase is the fastest recorded in five years, at 3.5%.
The rise in prices is explained by covid-19, social restrictions weighing on production and global trade, as well as supply chain problems.
Let’s not forget the soaring prices of gasoline, the cost of transport, tobacco, entertainment, plastic, food etc….
According to the study director, Upasana Dutt, “During the coming year, we expect to see the cost of living increase even more in many cities as wages increase in several sectors”.
The cheapest cities remain in dollars in the Middle East, Africa and parts of Asia.
Also, according to “The Guardian”, 40 cities have entered the ranking. Edinburgh comes in at 27th place, and Stuttgart and San Diego have entered the Top 50.
The Economist study compares the prices of more than 200 products and services in 173 cities.