NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

Not Paris Or Singapore, This Is Now World's Most Expensive City.

Not Paris Or Singapore, This Is Now World's Most Expensive City

Israel's Tel Aviv is the world's most expensive city to live in.

London:

Tel Aviv is the world's most expensive city to live in as soaring inflation has pushed up living costs globally, according to a survey published on Wednesday.

The Israeli city climbed five rungs to score top place for the first time in the authoritative ranking compiled by the Economist Intelligence Unit (EIU).

The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities.

Tel Aviv climbed the rankings partly due to the strength of the national currency, the shekel, against the dollar, as well increases in prices for transport and groceries.

Paris and Singapore came joint second, followed by Zurich and Hong Kong. New York was in sixth, with Geneva in seventh.

Rounding off the top 10 were Copenhagen in eighth, Los Angeles in ninth and Osaka, Japan, in 10th.

Last year, the survey put Paris, Zurich and Hong Kong in joint first place.

This year's data was collected in August and September as prices for freight and commodities rose and shows that on average prices rose 3.5 percent in local currency terms -- the fastest inflation rate recorded over the past five years.

Social restrictions due to the coronavirus pandemic "have disrupted the supply of goods, leading to shortages and higher prices," said Upasana Dutt, head of worldwide cost of living at The EIU.

"We can clearly see the impact in this year's index, with the rise in petrol prices particularly stark," she said, while central banks are expected to raise interest rates cautiously, reducing inflation.

The average inflation figure does not include four cities with exceptionally high rates: Caracas, Damascus, Buenos Aires and Tehran.

The Iranian capital rose from 79th to 29th place in the ranking as US sanctions have pushed up prices and caused shortages.

Damascus was ranked the world's cheapest city to live in.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Related news
British man Marcus Evans ‘beheaded’ with a SICKLE in Thailand as man is arrested.

British man Marcus Evans ‘beheaded’ with a SICKLE in Thailand as man is arrested.

A BRITISH man who was “beheaded” with a sickle in Thailand has been named dad-of-two Marcus Evans. His devastated partner and mother of his kids, Melanie Derrick shared a heartbreaking post on social media after his death. Read on: The Sun newspap...

6 8

Is Germany blocking Ukraine from defending itself against Russia? - DW News.

Is Germany blocking Ukraine from defending itself against Russia? - DW News.

The first shipment of additional US military aid has arrived in Ukraine, according to the US Embassy there. This is part of a package worth $200 million, promised to Kiev last week by US Secretary of State Antony Blinken. The initial delivery incl...

Putin will take advantage of 'any disunity and weakness'.

Putin will take advantage of 'any disunity and weakness'.

Shadow Attorney General Emily Thornberry has said that Russian leader Vladimir Putin will "take advantage of any disunity and any weakness" and Labour stands with the government on this issue. She also told Trevor Phillips that it is up to backben...

1 1

Tomi Lahren sounds off on lack of parents' rights in schools.

Tomi Lahren sounds off on lack of parents' rights in schools.

'The Big Saturday Show' panel discusses concern over the erosion of parents' rights. #FoxNews Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompassing news service deliveri...

Gordon Brown: 'I fear scandal is going to follow Boris Johnson for as long as he is PM'.

Gordon Brown: 'I fear scandal is going to follow Boris Johnson for as long as he is PM'.

Former Prime Minister Gordon Brown thinks the chaos engulfing Downing Street this past week, is about "standards in public life". He said he fears that "scandal is going to follow Boris Johnson for as long as he is Prime Minister". Mr Brown also d...

Ukraine 'prepared to fight', ambassador to UK says

Ukraine 'prepared to fight', ambassador to UK says

Vadym Prystaiko, Ukraine's ambassador to the UK, told Trevor Phillips on Sunday that he "does believe" Britain's accusation that Vladimir Putin is plotting to install a pro-Moscow leader as head of the government in Ukraine. He said: "I do believe...

3 13