Tel Aviv is the world's most expensive city to live in because of the rising inflation, which has pushed up living costs worldwide, according to a survey released on Wednesday.
The Israeli city climbed five rungs to the top place in the authoritative ranking compiled by the Economist Intelligence Unit EIU The Worldwide Cost of Living Index, a ranking that compares prices in US dollars for goods and services in 173 cities.
Tel Aviv climbed the rankings partly due to the strength of the national currency, the shekel, against the dollar, as well as increases in prices for transport and groceries.
Paris and Singapore came second, followed by Zurich and Hong Kong. New York was in sixth place, with Geneva seventh.
Copenhagen was eighth in the top 10 with Los Angeles in ninth and Osaka, Japan in 10th.
The survey put Paris, Zurich and Hong Kong in the first place last year.
The data collected in August and September shows that the average price of freight and commodities rose 3.5 percent in local currency terms, the fastest inflation rate in the past five years, the fastest inflation rate recorded in the past five years.
The supply of goods has been disrupted due to the coronaviruses, leading to shortages and higher prices, said Upasana Dutt, head of the worldwide cost of living at The EIU.
She said central banks are expected to raise interest rates cautiously in order to reduce inflation while the rise in petrol prices is particularly stark in this year's index.
The average inflation figure does not include four cities with extremely high rates: Caracas, Damascus, Buenos Aires and Tehran.
The Iranian capital went from 79th to 29th in the ranking due to US sanctions that have pushed up prices and caused shortages.
Damascus was ranked as the world's cheapest city to live in.