The Limited Times

Now you can see non-English news...

Tel Aviv becomes the most expensive city in the world ahead of Paris or Singapore

2021-12-01T14:13:18.405Z


The Israeli city moved from fifth to first place in The Economist ranking published on Wednesday due to the strengthening of the local currency. New York ranks fifth on the list.


By Rachel Elbaum -

NBC News

Sun and sand ... and an increasingly expensive cost of living.

The city of Tel Aviv, in Israel, has been ranked as the most expensive city in the world, according to this year's report on the cost of living in the world, published by the Economist Intelligence Unit on Wednesday.

The Mediterranean metropolis has moved up to the top spot from fifth last year, overtaking Paris and Singapore, which were tied for second.

The top US city on the list, New York, came in sixth, ahead of Hong Kong and Zurich.

Los Angeles was the only other American city in the top 10, ranking at number nine, ahead of Osaka, Japan.

["I can't even pay for groceries": supermarket workers suffer from rising inflation]

According to the report, Tel Aviv's rise to the top is due in part to the strength of its currency, the shekel, when it is converted into dollars.

Prices in shekel rose about 1.6%, led by food, household goods, cars and fuel.

The city was the second most expensive place to buy alcohol.

Although the report does not include property prices, it notes that they have also risen in Tel Aviv, especially in residential areas.

According to Oren Kessler, a political analyst and writer who moved to Tel Aviv from Washington DC two years ago, this is a significant drain on the pockets of the inhabitants.

Empty beaches of the city of Tel Aviv, Israel, on May 18, 2021.GIL COHEN-MAGEN / AFP via Getty Images

"The prices here are similar, if not more expensive, than in Washington, but the salaries are not compared," he explained through a telephone interview, noting that the cost of a renovated apartment in the capital was similar to that of a more old in Tel Aviv.

“Most Israelis, at one point or another, want to spend time here.

It is a magnet in that sense, ”he added.

[These two Latino counties in California have the highest inflation rates in the country]

This year's inflation rate in all cities was the fastest recorded in the last five years, at 3.5%.

This figure was driven by the increase in the price of transport, as well as the cost of leisure, tobacco and personal care.

In 2020, inflation increased 1.9%, while in 2019 it was 2.8%, according to the report.

Although gasoline prices in the US have skyrocketed in recent months, no US city made the list of the 10 most expensive cities in the world to purchase gasoline.

The list was topped by Hong Kong, where it cost about $ 9.25 a gallon, followed by Amsterdam, where it cost just over $ 8 a gallon.

The average price of a liter of gasoline, which is equivalent to just over a quart, rose 21% in all cities measured.

The domino effect of inflation already affects food banks that help those most in need

Nov. 12, 202101: 39

The index examined the price of goods and services in 173 countries around the world.

"Over the next year, we expect the cost of living to continue to rise in many cities as wages rise in many sectors," said Upasana Dutt, Global Cost of Living Officer for the Economist Intelligence Unit. in a press release.

[Inflation is also affecting home prices.

Here's what you need to know if you want to buy one]

“However, we also expect central banks to raise interest rates, cautiously, to curb inflation.

So price increases should start to moderate from this year's level, ”he added.

Just over 130 miles (209 kilometers) from Tel Aviv, Damascus was ranked as the cheapest city in the world.

According to the report, prices have fallen as the war-torn economy of the country has struggled.

Tripoli, Tashkent, Tunisia and Almaty, Kazakhstan, complete the five cheapest cities in the world. 



Source: telemundo

All news articles on 2021-12-01

You may like

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.