Dramatic Rise of Tel Aviv and Tehran in World’s Most Expensive Cities List
In the latest global cost of living index, Tel Aviv, a major coastal city in central Israel, has been named the most expensive city in the world to live in.
In this list published by The Economist Intelligence Unit on Wednesday, Tehran has also climbed 50 places, jumping from rank 79 to rank 29 in the list of the world’s most expensive cities, following increased inflation and rising prices.
The Economist Intelligence Unit, one of the most credible economic indicators in the world, presents its findings based on comparing the prices of goods and services in 173 cities across the globe.
French news agency reported on Wednesday, December 1st, that for the first time, Tel Aviv has topped the list of expensive cities in the world.
The rise in prices of various food items as well as increased transportation costs in Israel, coupled with the Israeli government’s measures that have led to strengthening the national currency against the US dollar, appear to be the main reasons for Tel Aviv’s jump to the top of the world’s expensive cities list.
Living costs globally, particularly in the food category, have increased dramatically due to reduced supply of goods and services and severe increases in shipping insurance for vessels carrying grains and food.
Israeli media outlets continuously publish field reports indicating that Israelis are paying sometimes several times more for their shopping baskets compared to the pre-coronavirus period, while incomes have not increased and many people, especially youth, have lost their already limited income due to ongoing restrictions resulting from coronavirus.
Source: Radio Farda
