A comparative cost of living report from the OECD (Organization for Economic Cooperation and Development), released last week, put Israel in first place for the cost of living in 2022 among the countries that make up the organization. According to the report, which weights the cost of living in accordance with purchasing power in each country, price levels in Israel are 38% higher than the OECD average.
In comparison with popular tourism destinations for Israelis, such as Turkey and Portugal, the gap is even wider, and reaches 60% or more. After Israel in the cost of living table come Switzerland, Iceland, the US, Australia, Canada, New Zealand, Norway, and Denmark.
In the monthly ranking of price levels, however, updated to the beginning of August 2023, Israel is not in first place, but falls to fourth, after Switzerland, Iceland, and Ireland.
A report by the Knesset Research and Information Center at the end of 2022, which examined the same period as is covered by the OECD report, indicates that prices of milk and dairy products are substantially higher in Israel than the OECD average, as are prices of housing, healthcare, and transport.
Published by Globes, Israel business news - en.globes.co.il - on August 27, 2023.
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