According to a rating compiled by the Economist Intelligence Unit (EIU), Tel Aviv is the most costly metropolis on the planet to stay in.
The Israeli metropolis climbed 5 locations in comparison with the 2020 report, with Paris, Hong Kong and Zurich taking the primary place.
Paris and Singapore are collectively second within the 2021 report, adopted by Zurich and Hong Kong. New York got here in sixth and Geneva took seventh.
What has elevated the price of residing?
Tel Aviv has climbed the rankings as a result of power of the Israeli shekel towards the greenback, in addition to rising transportation and grocery costs.
This 12 months’s figures have been collected in August and September, when costs of products and commodities rose world wide.
In native foreign money phrases, costs rose a mean of three.5%, the quickest recorded inflation charge previously 5 years. This common inflation determine doesn’t embody 4 cities with exceptionally excessive charges: Caracas, Damascus, Buenos Aires and Tehran.
According to Upasana Dutt of the EIU, social restrictions as a result of coronavirus pandemic have “disrupted the supply of goods, leading to shortages and higher prices.” He stated the rise in petrol costs is especially sharp.
Which different cities have moved up within the rankings?
Berlin has dropped eight locations to fiftieth, making it the most cost effective of the six German cities within the rating. Frankfurt, one of many world’s main monetary facilities, was ranked nineteenth as the most costly German metropolis.
The greatest soar within the rating was made by Iran’s capital Tehran, which jumped from 79th to twenty ninth. This change may be defined by US sanctions which led to shortages and worth will increase.
Damascus stays the most cost effective metropolis on the record, reflecting the consequences of the continuing civil struggle in Syria. Second place was Libya’s Tripoli, which has additionally been engulfed by years of battle.
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With inputs from TheIndianEXPRESS
