For the First Time, Tel Aviv is the World's Most Expensive City
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The Economist Intelligence Unit (EIU) has just released its index of the world's most expensive cities. Tel Aviv in Israel has topped the list for the first time.
Tel Aviv scored 106 on the index. The EIU attributes this increase primarily to the rise in currency value and the cost of goods and services in Tel Aviv, particularly transportation and wholesale goods.
Tel Aviv has displaced Paris, which now ranks second this year with a score of 104. Singapore follows closely behind Paris with an equivalent cost of living index score.
The EIU's ranking of the most expensive cities is based on a comparison of prices of goods and services in a city relative to New York. The EIU surveyed 173 cities worldwide.
The EIU noted a 3.5% inflation in prices across all surveyed cities this year. This increase is mainly attributed to supply chain issues, fluctuations in currency exchange rates, and shifting consumer demand trends.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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