Tel Aviv is no longer the world's most expensive city according to The Economist's Intelligence Unit's (EIU) Worldwide Cost of Living rankings for 2022, which were published today. Tel Aviv, which topped last year's rankings, has been pushed down to third place behind Singapore and New York, who tied for first place.
EIU’s Worldwide Cost of Living survey found that prices had risen by 8.1% year on year on average in 172 major cities worldwide, the biggest one year rise in the 20 years that the survey has been published. The EIU attributed this to the war in Ukraine and continuing supply chain problems. In Asia the average annual rise in the cost of living was 4.5%.
This year’s survey, which was conducted between August 16th and September 16th 2022, found that the most rapid price increases (out of 400 products surveyed) were for a liter of petrol, which has risen by 22% year on year on average in local-currency terms amid higher global oil prices.
The EIL said, "The WCOL index also shows the impact of the strong US dollar on our city rankings as interest rates rise and investors opt for safety. New York topped the rankings for the first time, tying with Singapore. Together the two bumped last year’s leader, Tel Aviv, down into third place. Damascus (Syria) and Tripoli (Libya) remain the cheapest cities."
Published by Globes, Israel business news - en.globes.co.il - on December 1, 2022.
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