Photo Credit: Matthew Hechter/Flash90

Tel Aviv is the world’s most expensive city, according to the Economist, leaping from the fifth most expensive city last year to the dubious first place in 2021.

According to the Worldwide Cost of Living (WCOL) Index published  Wednesday, Israel’s commercial capital overtook even Paris to become the world’s most expensive city.

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Tel Aviv’s new ranking “mainly reflects the strength of the Israeli currency, the shekel, against the US dollar and increases to grocery and transport prices,” the Economist explained.

Paris and Singapore shared a joint second place. Zurich and Hong Kong ranked 4th and 5th places respectively. New York, Geneva, Copenhagen, Los Angeles, and Osaka were also in the top 10.

Data released by the Economist Intelligence Unit (EIU) shows that soaring price increases are contributing to the fastest rise in the cost of living for city dwellers in five yearsץ at 3.5%.

The EIU’s 2021 WCOL index tracks the cost of living in 173 cities across the world.

The Economist noted that supply-chain problems have contributed to price rises, with the COVID-19 pandemic and social restrictions still affecting production and trade across the world.

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