Tel Aviv is no longer the most expensive city in the world, dropping from first place last year to third in the 2022 Worldwide Cost of Living Index, released on Wednesday by the Economist Intelligence Unit.
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New York City and Singapore shared the top spot, with Hong Kong and Los Angeles tying for fourth place. Zurich, Geneva, San Francisco, Paris and Copenhagen placed five through 10, respectively.
The index is compiled by comparing prices in US dollars for goods and services in 172 major cities around the world, with data showing that average cost of living in those places jumping by 8.1% compared to 2021.
"The war in Ukraine, Western sanctions on Russia and China's zero-Covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world," Upasana Dutt, head of worldwide cost of living at EIU, said in a media statement.
She added: "We can clearly see the impact in this year's index, with the average price rise across the 172 cities in our survey being the strongest we've seen in the 20 years for which we have digital data. The rise in petrol prices in cities was particularly strong (as it was last year), but food, utilities and household goods are all getting more expensive for city-dwellers."
