Tel Aviv is in first place on the Economist Intelligence Unit’s list of the world’s most expensive cities. Oslo is just outside the top ten.
Inflation and pandemic-related delivery issues are affecting the costs of living around the world.
The prices have become the most expensive in Tel Aviv in Israel, which rose from last year’s fifth place to this year’s first place on the Economist Intelligence Unit’s (EIU) ranking of the most expensive cities in the world.
Paris, which topped last year’s list, now shares second place with Singapore. Zurich is in third place, Hong Kong in fourth, while New York City is the world’s fifth most expensive city.
Oslo is the world’s 11th most expensive city, according to the list.
“Despite the fact that most economies around the world are on the road to recovery as a result of the vaccination, many large cities are experiencing an increase in infection, which is leading to austerity measures. This disrupts the supply of goods, which in turn leads to shortages and higher prices,” Upasana Dutt, head of world living costs at the EIU, noted.
The EIU expects that the cost of living will continue to increase until next year as a result of wage increases in many sectors. They also expect central banks to raise interest rates cautiously to curb inflation.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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