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Tel Aviv is the world's most expensive city, followed by Paris and Singapore. The rise in the ranking reflects the strengthening of the Israeli currency, the shekel, against the US dollar (the WCOL index is bench-marked against prices in New York City) and increasing grocery and transport prices.

On the other hand, war-torn Damascus remains the world’s cheapest city, with prices falling in US dollar terms since last year.

The overall inflation of commodities tracked by the EIU’s Worldwide Cost of Living (WCOL) stands at 3.5% YoY in 2021. Supply chain constraints due to the pandemic and changing consumer demands have led to a sharp increase in commodity prices around the world.

The Worldwide Cost of Living is a survey conducted twice a year (March and September) by EIU that compares more than 400 individual prices across over 200 products and services in 173 cities. All cities are compared with a base city, New York City, which has an index score of 100.

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