Tel Aviv, Paris, Singapore and Hong Kong topped the list of the world’s most expensive cities by 2021, according to an annual study published by The Economist on Wednesday.
The British Economic Journal linked its study to a report in which “Tel Aviv, ranked fifth last year, became the most expensive city in the world for the first time in its history” in its characteristic development, “Shekel’s strength against the dollar, based on index-based prices in New York.” To compare “.
“After Paris shared first place with Zurich and Hong Kong in 2020,” the French capital slipped to second place this year, which it shared equally with Singapore.
The study points out that this year’s price increase is 3.5%, the highest in the last 5 years.
“As COVID-19 and social restrictions continue to weigh on production and trade around the world, supply chain issues have contributed to higher prices,” The Economist explained.
In general, more advanced European and Asian cities dominate the top spot in the rankings, while North American and Chinese cities maintain relatively moderate prices, the study said.
Cheap cities for green currency are concentrated in the poorer parts of the Middle East, Africa and Asia.
“Over the next year, we expect the cost of living to rise further with higher wages in many sectors in many cities,” said Obanasa Dutt, who led the study.
“However, we expect the central banks to raise key interest rates with caution to control inflation, so inflation should start slowly,” he added.
The Economist’s annual Global Cost of Living Index ranks prices based on more than 200 products and services in 173 cities.
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