Tel Aviv loses record as most expensive city worldwide

Now New York first, then Singapore. Global cost of life +8.1%

01 December, 14:45

    (ANSAmed) - TEL AVIV, DECEMBER 1 - Tel Aviv is not the most expensive city in the world anymore: the record - which lasted a year - goes today to New York, followed by Singapore, according to the Worldwide Cost of Living Index. The index compared the prices of more than 170 cities around the world and is considered one of the most accurate of the sector.

    Last year Tel Aviv beat Paris, Singapore, Zurich, Hong Kong and New York, gaining top spot. This year it ranked third. The key factor in the new positions acquired by New York and Singapore - according to the research - was the combination of two issues: "high incomes and a stronger exchange rate". On the contrary, "a stronger currency and a more elevated inflation rate" led to Tel Aviv's retrocession to third position. At a more general level, the research said that prices "increased on average 8.1% compared to the previous year in the main cities of the world". Or "the highest rate in the last 20 years, reflecting a global crisis of the cost of life sparked by the crisis in Ukraine and the continued restrictions due to Covid in China".(ANSAmed).

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