The most expensive cities cities for this year ... to believe the most expensive city

What are the most expensive cities in the world… They are the cities that each of us dreams of living in.. Why.. Because the necessities and basics of life are the best.. A research published on Wednesday revealed that the obstacles that obstructed the supply chain, and the change in consumer demand, led to an increase in the cost of living in cities Many global majors. The study indicated that inflation is the fastest indicator recorded during the past 5 years.

According to this year's global cost of living index, issued by the Economist Intelligence Unit, or EIU, one city has seen changes faster than others, moving from fifth to first place.

The Israeli city of Tel Aviv topped the rankings for the first time, after Paris ranked first last year, which shares second place with Singapore.

The Economist Intelligence Unit attributes the significant rise in the Tel Aviv index to the rise in groceries and transportation prices, and the strength of the Israeli shekel against the US dollar.

daily consumption

The Global Cost of Living Index for 2021 tracks the cost of living in 173 global cities, an increase of 40 cities over last year, and compares the prices of more than 200 daily products and services.

The EIU's international team of researchers collects survey data in March and September of each year, as is the norm for three decades.

The index is measured by comparing prices with those recorded in New York City, so cities with the strongest currencies against the US dollar are likely to top the list.

Zurich and Hong Kong ranked fourth and fifth, respectively, after taking the lead last year along with Paris.

European cities and developed Asian cities still dominate the upper ranks, while the lower ranking cities are located mainly in the Middle East, Africa, and the less affluent parts of Asia.

Pandemic and beyond

The EIU reported that the average price of goods and services covered by the index rose 3.5% from the previous year, in local currency, compared to an increase of only 1.9% recorded at this time last year.

The much-addressed global supply chain problems have contributed to higher prices, and the COVID-19 pandemic and social restrictions continue to affect production and trade around the world.

And given the existence of a new variant of the Corona virus, it is currently causing widespread concern, which indicates that these problems will not disappear quickly.

The rise in oil prices also led to an increase in the prices of unleaded gasoline by 21%, according to the unit, and a significant increase in the prices of the entertainment sector, tobacco, and personal care.

What does the near future hold for us?

"Although most economies around the world are starting to recover with the introduction of COVID-19 vaccines, many major cities are still seeing a rise in the number of infections, which imposes social restrictions. This led to the obstruction of resources, which caused shortages and high prices.”

“Over the next year, we expect to see a further rise in the cost of living in many cities, with wages rising in many sectors,” Dutt added. However, we also expect central banks to cautiously raise interest rates to stem inflation. Therefore, price increases should begin to moderate from this year’s level.”

The most expensive cities in the world to live in in 2021:

1. Tel Aviv, Israel

2. (Tie) Paris, France

2. (Tie) Singapore

4. Zurich, Switzerland

5. Hong Kong

6. New York City, New York

7. Geneva, Switzerland

8. Copenhagen, Denmark

9. Los Angeles, California

10. Osaka, Japan

11. Oslo, Norway

12. Seoul, South Korea

13. Tokyo, Japan

14. (Tie) Vienna, Austria

14. (Tie) Sydney, Australia

16. Melbourne, Australia

17. (Tie) Helsinki, Finland

17. (Tie) London, UK

19. (Tie) Dublin, Ireland

19. (Tie) Frankfurt, Germany

19. (Tie) Shanghai, China