The Economist Intelligence Unit (EIU) has released a list of the world’s most expensive cities to assess the cost of living globally.
According to the British Broadcasting Corporation (BBC), the EIU survey ranked the Israeli city of Tel Aviv as the most expensive city in the world to live in, while Paris and Singapore are joint second on the list.
According to reports, the Israeli city was ranked fifth in last year’s survey.
Also last year, Paris, Zurich and Hong Kong shared the first position in the EIU survey.
However, Zurich and Hong Kong are the fourth and fifth most expensive cities in the world this year, while New York is sixth, Geneva is seventh, Copenhagen is eighth, Los Angeles is ninth and Osaka is tenth.
According to reports, while compiling this list, the expenditure on products and services in 173 cities has been reviewed and these prices have been compared in US dollars.
According to the Economist Intelligence Unit, data collected in August and September of this year shows that prices in terms of local currency increased by an average of 3.5%, the fastest rate of inflation in the last five years.
According to reports, the Israeli city of Tel Aviv topping the list of the most expensive cities, mainly reflects the rising value of the Israeli currency shekel against the dollar.
The EIU survey report further states that Tel Aviv is the second most expensive city in the world in terms of transportation and the sixth most expensive in the world in terms of leisure.
In addition, according to the survey report, the Syrian city of Damascus is still the cheapest country in the world to live in this year.