The world’s most expensive city in 2021 is neither Singapore or Hong Kong though the former has overtaken the latter as the most pricey city in Asia.
According to Economist Intelligence Unit (EIU)’s Worldwide Cost of Living Index, Tel Aviv tops the rank of the world's most expensive cities this year.
World’s most expensive cities in 2021 according to EIU
1. Tel Aviv
5. Hong Kong
6. New York
9. Los Angeles
Supply chain blockages and changing consumer demand are the causes behind the rising cost of many of the world’s biggest cities, EIU pointed out, adding that inflation is the fastest recorded over the past five years.
Tel Aviv — rising from the fifth place last year to the top — has seen increases in grocery and transport prices as well as the stronger Israeli currency Skekel.
Prices for the goods and services covered by the index have risen by 3.5% year-on-year in local-currency terms, versus the 1.9% increase last year, according to the report.
In addition, the rising oil prices resulted in a 21% increase in the price of unleaded petrol, said the EIU.