The World’s Most Expensive Place To Live Has Been Revealed

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According to a survey, the most expensive places to live in the world are revealed. 

The city was named the most expensive place to live in the globe because of rising inflation and supply-chain issues.

According to the Economist Intelligence Unit’s (EIU), the World Cost of Living survey, which was conducted in 2020 and 2021, the city jumped from fifth place in 2020 to first place in 2021. Paris and Singapore were tied in second.

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The cost of goods and services in 173 cities was compared. BBC reports.

However, in terms of the cities’ local currencies, over the past five years, all of the cities saw prices rise by an average of 3.5%, according to data the EIU collected in both August and September.

The average price of a litre petrol in these cities increased by 21%. The biggest price rise was observed in the cost of travel.

Tel Aviv, Israel was revealed to be the most expensive city, while Damascus in Syria was the cheapest.

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The price of the shekel (Israel’s currency) against the dollar has soared in value, which is attributed to its rise to the top of the EIU’s survey.

Results also included a significant increase in groceries and an average of 10% in goods prices.

Tel Aviv was ranked sixth overall for being the most expensive in terms of recreation and fifth for personal care products. It also came in second place for transport, alcohol, and food.

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