According to the research, the leap forward by New York and Singapore and the overtaking of Tel Aviv is determined by a combination of “two factors: high incomes and a stronger exchange rate”. Conversely, “a stronger currency and higher inflation rate” have knocked Tel Aviv back to third place.
It was Tel Aviv in 2021 that won the title of world’s most expensive city, having beaten Paris, Singapore, Zurich, Hong Kong and New York to win the questionable palm of the top spot in cost of living. So now he has to be content with third place.
Overall, the study found that prices “in major cities around the world are up an average of 8.1 percent year-on-year.” And that’s “the fastest rate in the last 20 years, reflecting a global cost-of-living crisis sparked by the crisis in Ukraine and the persistence of Covid restrictions in China.”