According to the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living 2021 report, the cities listed below are the world’s most expensive cities to live in right now.
Musical Chairs for the Top Spots in the World’s Most Expensive Cities in 2021
Tel Aviv’s soaring shekel and price increases for goods vaulted this Israeli city from its fifth-place position last year to become this year’s most expensive city in which to live. Paris and Singapore share the number two slot. Zurich and Hong Kong rounded out the top ten.
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Tel Aviv’s prices for goods and services increased +3.5% y/y in local currency compared with last year’s increase of +1.9%. The city’s inflation rate was the fastest its experienced over the past five years and transportation costs exploded due to the price of unleaded petrol exploding +21%.
Take a look:
- Tel Aviv
- Paris – share with Singapore
- Singapore – share with Paris
- Hong Kong
- New York
- Los Angeles
Other Key Findings
Rome, formerly # 32 on last year’s list dropped to 48th place in 2021.
Tehran jumped from 79th to 29th place in 2021 after the US reimposed sanctions on Iran.
Damascus, the capital of Syria, remains the world’s cheapest city in which to live.
Comments from EIU Management
Upasana Dutt, head of worldwide cost of living with EIU, said, “Although most economies across the world are now recovering as COVID-19 vaccines are rolled out, many major cities are still seeing spikes in cases, leading to social restrictions. These (restrictions) have disrupted the supply of goods, leading to shortages and higher prices.”
Dutt continued. “Over the coming year, we expect to see the cost of living rise further in many cities as wages increase in many sectors. However, we are also expecting central banks to raise interest rates, cautiously, to stem inflation. So price increases should start to moderate from this year’s level.”
Any of this sound familiar?
Thanks to Bloomberg