Key Takeaway:
- The Israeli city of Tel Aviv was fifth last year to first this year, where Paris is the most expensive.
Paris tied with Singapore for 2nd place this year. Zurich, Switzerland, and Hong Kong, linked at the top with Paris last year, slid down to fourth and fifth, respectively.
The Economist Intelligence Unit released the annual Worldwide Cost of Living Index. The Israeli city of Tel Aviv was fifth last year to first this year, where Paris is the most expensive. The city’s rise is accredited to high price in grocery and transport prices and the Israeli shekel’s power over the U.S. dollar.
Overall, cities, in general, were costly, and inflation was the fastest growing in five years (3.5% year), research from the EIU revealed. That’s primarily as a result of supply-chain blockages and consumer habits changing amid the coronavirus pandemic.
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Paris tied with Singapore for 2nd place this year. Zurich, Switzerland, and Hong Kong, linked at the top with Paris last year, slid down to fourth and fifth, respectively.
New York City (6th) and Los Angeles (9th) were the two U.S. cities to rank in the top 10. Cities with currencies more against the U.S. dollar are likely to appear higher in the rankings.
The Worldwide Cost of Living Index was seen the rise and fall of living costs in 173 cities together. The EIU’s team of researchers compares the price of more than 200 everyday products and services in the towns in March and September. Data for this survey has been used for more than three decades.
Source-CTV News
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