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Canada: Tel Aviv, the most expensive city in the world in front of Paris and Singapore

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Vue aérienne de Tel Aviv, le 18 mai 2021 (image d'illustration). © Gil Cohen-Magen / AFP aerial view of Tel Aviv, May 18, 2021 (image of illustration).

Tel Aviv has supplanted Paris and Singapore as the most expensive city in the world according to an annual study of "The Economist". The study of the British Economic Magazine stresses that supply chain issues have raised prices in many cities.

"In fifth position last year, Tel Aviv becomes the most expensive city in the world" for the first time, according to a statement accompanying the publication of the study on Wednesday. This position reflects the vigor of the Israeli currency, the Shekel, facing the dollar, because the index takes as a basis for comparison prices in New York, "says the study.

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"After sharing the first place with Zurich and Hong Kong in 2020, Paris recedes to the second position, which it occupies With Singapore in this new edition, "says. The study stresses that the increase in measured prices has been the fastest recorded for five years, at 3.5%. "Procurement chain issues have contributed to the rise of prices, COVID-19 and social restrictions still weighing on production and trade around the world," the Economist still reports.

Damascus, the cheapest city of the world

Damascus remains the cheapest city in the world because of a currency that collapses against the dollar and consequently prices in green tickets that plunge, the civil war continuing to decimate local economy. The Syrian capital suffered a very strong inflation as Caracas, Buenos Aires and Tehran, the latter having recorded the strongest advance in the rankings, from the 79th to 29th place, the American sanctions causing shortages and price increases.

"In general, the top of the ranking remains dominated by European cities and Asian cities developed while North American and Chinese cities keep relatively moderate prices," says the study. The cheapest dollar cities are mainly in the Middle East, Africa or the poorest parts of Asia.

Transportation costs flew in the wake of gasoline prices, notes the study, but tobacco or entertainment also recorded sharp price increases. The "Global Index" published by The Economist Intelligence Unit (EIU) Class 173 cities according to prices according to one basket of more than 200 products and services.

(with AFP)

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