Economist Intelligence: The 10 most expensive cities in the world to live in

Findings from the latest cost-of-living survey worldwide, the Economist Intelligence Unit reports.

According to the World Consumer Price Survey (WCOL), the rate of price increase is the highest observed in the last five years. It has increased beyond the pre-pandemic level, by 3.5% on an annual basis in 2021, compared to an increase of 1.9% in 2020 and 2.8% in 2019.

Problems in the supply chain as well as changes in exchange rates and consumer demand have pushed up prices for goods and other goods.

The highest increases in the WCOL index were related to transport, with the price of a liter of gasoline increasing by 21% on average.

Tel Aviv topped the index for the first time, making it the most expensive city in the world to live in. The Israeli city climbed from fifth place last year, leading Paris to second place along with Singapore.

The rise in Tel Aviv mainly reflects currency increases and price increases for one-tenth of the goods in the city, and especially groceries and transportation, in local currency.

The top ten most expensive cities in the world are completed by Zurich, Hong Kong, New York, Geneva, Copenhagen, Los Angeles and Osaka.

Property prices (not included in the index) have also risen, especially in residential areas.

Rome was the city that recorded the biggest drop, from 32nd to 48th, with a particularly sharp drop in the shopping cart and clothing categories.

As in 2020, Tehran recorded the largest increase, from 79th to 29th. The re-imposition of US sanctions on Iran has led to continued shortages of goods and rising import prices.

Most US cities are falling on the list compared to 2020, as the government responded to the pandemic by channeling a lot of money into the economy.

Damascus in Syria and Tripoli in Libya are among the cheapest cities in the world, and both face a number of economic and political challenges.

In terms of the 10 most expensive cities for gasoline, Athens is in seventh place in the world, with an average price of $ 1.98.

In first place is Hong Kong with $ 2.50, followed by Amsterdam with $ 2.18, Oslo with $ 2.06, Tel Aviv with $ 2, Hamburg with $ 1.99, Athens, Rome with $ 1.98, Stockholm with $ 1.97, Reykjavik with $ 1.97 and Finland with $ 1.96.