The Economist Intelligence Unit's latest Worldwide Cost of Living survey has named Tel Aviv, Paris and Singapore the world's most expensive cities. Using New York as a benchmark, the research compared the price of over 200 products and services in 173 cities around the world. Tel Aviv is in the number one spot for the first time, with the rise driven chiefly by "soaring currency and price increases for around one-tenth of goods in the city, led by groceries and transport."
In the 2020 index the biggest price gains in U.S. dollars were seen in Tehran which climbed from 106th place to 79th position. This trend continues, with the Iranian capital jumping from 79th to 29th this year. When it comes to decreases, Rome saw the most dramatic drop going from 32nd to 48th due to a "particularly sharp decline in its shopping basket and clothing categories."
Looking factors driving up the cost of living more generally, the source states: "Transport has seen the biggest price increases, with index scores rising by an average of 3.8 points. The average cost of a litre of unleaded petrol (the key component of this category) has soared by 21%, although prices for public transport have stayed more stable."