Tel Aviv is no longer the most expensive city in the world to live in: New York is

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by Ifi Reporter Category:Capital Market Dec 1, 2022

No longer the most expensive city in the world to live in, but still at the top: after last year Tel Aviv was ranked first in the ranking of the respected magazine "The Economist", this year it dropped to third place, with New York and Singapore ahead of it together at the top. For Singapore, this is the eighth time in the last decade that it has been ranked first. Hong Kong and Los Angeles round out the top five.
The ranking was made among 172 major cities in the world, when an examination conducted by the magazine revealed that the cost of living in them jumped by 8.1% compared to 2021, much due to the Russian invasion of Ukraine and the problems created in the supply chain. The magazine conducted the survey by comparing hundreds of prices of 200 identical products in the cities tested.
The main reason for Tel Aviv's drop in the ranking is not some significant reduction in living costs in the city, but rather a significant increase in the cost of living in the cities that have overtaken it. For example, the reason for New York's jump is due to the significant strengthening of the dollar.
It should also be noted that the Economist's index is based on a comparison with New York City and that it includes 200 prices of products that are not necessarily relevant to the majority of the Israeli public, such as the costs of a personal housekeeper and private schools.
The consumer product that made the most significant jump in the test is fuel, which jumped by 22% on average in the ranked cities. The prices of electricity, food and basic household goods also increased significantly. On the other hand, prices for leisure products and similar services remained the same, and even decreased a little, this is in light of the fact that consumers focus on spending on essential products and not on luxuries.
The various cities in Asia surprised in the ranking, when the rate of increase in the cost of living in them was an average of 4.5%. For example, Tokyo and Osaka fell to 23rd and 33rd places, respectively, since the interest rate in Japan remains low compared to the rest of the world.
 Other interesting findings: the capital of Syria, Damascus, and the capital of Libya, Tripoli, are the cheapest cities to live in (but of course the income in them is very low).
Sydney jumped into the top ten as Australian exports strengthened the local dollar. San Francisco rose from 24th place to eighth place. All six Chinese cities tested rose in the ranking, with Shanghai entering the top 20, this in light of the economic chaos raging in the country where the corona virus broke out.
Upsana Dutt, who is responsible for the cost of living issue at The Economist, said: "The war in Ukraine, Western sanctions on Russia and China's strict corona policy have caused problems in the supply chain, which, combined with rising interest rates and changes in exchange rates, have resulted in a cost of living crisis around the world. We can see the The effect in this year's index, when the average price increase in the 127 cities in our survey is the highest we have seen in 20 years."

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