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The most expensive cities in the world to live in during Covid

(CNN) – Worldwide, it was a tough year for wallets.

Supply chain bottlenecks and shifting consumer demand have pushed up the cost of living in many of our largest cities, and inflation is the fastest, according to new research released Wednesday. within the past 5 years.

The Israeli city of Tel Aviv topped the ranking for the first time, surpassing last year’s leader Paris, who is currently in second place with Singapore.

The EIU believes that Tel Aviv’s strong rise in the index has increased freight and transportation prices as well as the strength of the Israeli shekel against the US dollar.

Daily goods and services

The Global Cost of Living Index 2021 tracks the cost of living in 173 global cities – 40 more than last year – and compares the prices of more than 200 products and services on a daily basis.

Data for the survey, which has been in place for more than three decades, is collected by the EIU’s global team of researchers each March and September.

The index is compared with prices in New York City, so cities with stronger currencies against the US dollar are more likely to appear in the ranking.

Zurich and Hong Kong are in fourth and fifth place respectively, having held the top spot last year alongside Paris. New York, Geneva, Copenhagen, Los Angeles and Osaka make up the rest of the top 10.

The above rankings continue to be dominated by developed European and Asian cities. The cities with the lowest ranking are mainly in the Middle East, Africa and less affluent parts of Asia.

Pandemic problem

The EIU reports that, on average, prices of goods and services covered in the index have increased by 3.5% year over year in local currency terms, compared with an increase of just 1.9% this time last year. last.

Those much-reported global supply chain problems have contributed to price increases, and the Covid-19 pandemic and social restrictions are still affecting production and trade around the world. With a new coronavirus variant now causing widespread alarm, these problems are not going away anytime soon.

Rising oil prices sent unleaded gasoline prices up 21%, the EIU reported, but there were also major price spikes in the entertainment, tobacco and personal care sectors.

The city with the highest price increases in 2021 is the Iranian city of Tehran, which has risen 50 places from 79th to 29th as US sanctions lead to shortages and higher prices.

The Syrian city of Damascus is once again ranked as the cheapest city in the world, as its war-torn economy continues to struggle. Damascus and Tehran suffer from very high inflation in 2021, as do Caracas in Venezuela and Buenos Aires in Argentina.

Singapore topping the list previously dropped one spot in 2021.

Singapore topping the list previously dropped one spot in 2021.

Photos Roslan Rahman / AFP / Getty

More to come

Upasana Dutt, head of Global Cost of Living at the EIU, said in a statement: “Although most economies worldwide are currently recovering as a Covid-19 vaccine is rolled out, many major cities are still seeing a spike in cases, leading to social restrictions that have disrupted the supply of goods, leading to scarcity and higher prices .

We can clearly see the impact of this year’s index, with the increase in gasoline prices being particularly severe. But not all cities increased prices. Many of the cities at the bottom of our rankings have seen prices stagnate or even fall, in part due to their currencies weakening against the US dollar.

In the coming year, we expect the cost of living to rise further in many cities as wages rise in many sectors. However, we are also expecting central banks to raise interest rates cautiously to contain inflation. So the price increase should start at a moderate pace compared to this year’s levels. “

Los Angeles is one of two US cities on the list.

Los Angeles is one of two US cities on the list.

Mario Tama / Getty Images

The world’s most expensive cities to live in 2021

first. Tel Aviv, Israel

2. (draw) Paris, France

2. (draw) Singapore

4. Zurich, Switzerland

5. Hong Kong

6. New York City, New York

7. Geneva, Switzerland

8. Copenhagen, Denmark

9. Los Angeles, California

10. Osaka, Japan

11. Oslo, Norway

12. Seoul, South Korea

13. Tokyo, Japan

14. (draw) Vienna, Austria

14. (draw) Sydney, Australia

16. Melbourne, Australia

17. (draw) Helsinki, Finland

17. (draw) London, United Kingdom

19. (draw) Dublin, Ireland

19. (draw) Frankfurt, Germany

19. (draw) Shanghai, China

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