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The most expensive cities in the world this year: Tel Aviv tops the list, the cheapest city is Damascus

In the report, which evaluated the living costs in 173 cities around the world, Tel Aviv was placed at the top of the ranking for the first time. The rise in the value of the currency and the cost of living were effective in the rise in the cost of living in Tel Aviv, which was in the fifth place of the list. In the city, the price of one out of every ten products increased, especially in the food and transportation sector, according to the national currency figure. In addition, housing prices have increased significantly.

In the list prepared by the Economist Intelligence Unit, Paris, the capital of France, and Singapore shared the second place with the same score. The Swiss city of Zurich is in fourth place and Hong Kong is in fifth place.

Zurich ranked first on the list last year, Paris was second and Hong Kong was third.

Top 10 ranking of the most expensive cities of 2021:
1) Tel Aviv – Israel – 106 points

2) Paris – France – 104 points

2) Singapore – Singapore 104 points

4) Zurich – Switzerland – 103 points

5) Hong Kong – China* 101 points

6) New York – USA – 100 points

7) Geneva – Switzerland – 99 points

8) Copenhagen – Denmark – 97 points

9) Los Angeles – USA – 96 points

10) Osaka – Japan – 94 points

*Hong Kong Autonomous Administration of the People’s Republic of China

The report found the highest increase in consumer price inflation in the last five years. Compared to the data before the Covid-19 pandemic, the inflation increase, which increased by 2.8 percent in 2019 and by 1.9 percent in 2020, was 3.5 percent in 2021, according to local currencies.

Other reasons affecting the cost of living were listed as problems in the supply chain and changes in consumer behavior. The sector with the fastest increase in prices was transportation. The reason for this was noted as the 21 percent increase in the price per liter of oil.

Biggest drop in cost of living in Rome, fastest increase in Tehran

Italy’s capital, Rome, fell from 32nd to 48th, making it the city with the fastest decline in the list. The most important reason for this is the decrease in shopping and especially in the clothing sector.

Cecilia Fabiano/LaPresse

On the other hand, as in previous years, Iran’s capital, Tehran, rose from 79th to 29th, making it the fastest-growing city in the list in terms of cost of living. The product shortage caused by the sanctions imposed by the United States of America (USA) on Iran and the increase in import prices are among the factors that fuel this situation.

Another striking change in the summary of the report is that the cost of living in cities in the USA has become cheaper compared to last year. The main reason for this is that the US administration helped the dollar to keep its value relative to European and Asian currencies as a result of pumping money into the economy in the face of the Covid-19 pandemic.

Zurich ranked first in last year’s list, Paris was second, and Hong Kong was third.

Top 5 cities with the fastest cost of living in 2021:
Rome – Italy – 16 places down

Bangkok – Thailand – 11 places down

Lima – Peru – down 11 places

San Jose – Costa Rica – down 9 places

Dusseldorf – Germany – 8 places down

Top 5 cities on the cost of living list for 2021:
Tehran – Iran – Up 50 places

Reykjavik – Iceland – climbed 21 places

Kiev – Ukraine – Up 13 places

Auckland – New Zealand – Up 11 places

Moscow – Russia – Up 10 places

Ebrahim Noroozi/Copyright 2021 The Associated Press. All rights reserved.

Damascus and Tripoli are the cities where life is the cheapest
Two countries shaken by civil wars; Damascus, the capital of Syria, and Tripoli, the capital of Libya, became the cheapest cities in the world. Both cities continue to struggle with a number of economic and political problems.

The top 10 ranking of the cheapest cities in 2021:

Damascus – Syria – 173 points

Tripoli – Libya – 172 points

Tashkent – Uzbekistan – 171 points

Tunisia – Tunisia – 170 points

Almaty – Kazakhstan – 169 points

Karach -i Pakistan – 168 points

Ahmedabad – India – 167 points

Algeria – Algeria – 166 points

Buenos Aires – Argentina – 164 points

Lusaka – Zambia – 164 points

For the report prepared by the Intelligence unit of The Economist magazine, which evaluates and analyzes to identify opportunities, trends and risks in the complex economic and political development process of the global economy, more than 400 price comparisons were made every six months for more than 200 products in 173 cities. The results of the researchers in many categories such as food, clothing, household goods, personal care products, rents, household expenses, private school fees, social activities, transportation were evaluated by economic experts.

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