Dublin is among the top 20 most expensive cities in the world to live in.
The Israeli city of Tel Aviv has become the most expensive city in the world to live in, according to the Economist Intelligence Unit's (EIU) Worldwide Cost of Living index 2021.
The city topped the EIU’s December 2021 worldwide cost of living index for the first time ever, climbing up from fifth place last year. Dublin is joint 19th as most expensive city in the world in which to live.
The French capital of Paris fell down to second place in the rankings, joint with Singapore. Rome saw the biggest fall in the rankings, thanks to a sharp decline in the cost of groceries and clothing.
The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities.
The EIU said Tel Aviv rose up the rankings mainly because the Israeli currency, the shekel, had soared, “buoyed against the dollar by Israel’s successful Covid-19 vaccine rollout”. Social restrictions due to the coronavirus pandemic "have disrupted the supply of goods, leading to shortages and higher prices," said Upasana Dutt, head of worldwide cost of living at The EIU.
"We can clearly see the impact in this year's index, with the rise in petrol prices particularly stark," she said, while central banks are expected to raise interest rates cautiously, reducing inflation.
About a tenth of goods rose in cost in Tel Aviv, in the EIU’s latest research, which looked at the prices of more than 200 products and services.
More broadly, the EIU said the inflation rate of the prices it tracked had risen by 3.5% year-on-year in local currency terms to September 2021, up from just 1.9% in 2020. It said this represented the fastest pace of inflation in its index over the past five years.
Ms Dutt said prices were expected to rise further across many cities over the coming year.
Damascus was ranked the world’s cheapest city to live in, followed by Tripoli in Libya and Tashkent, the capital of Uzbekistan.
The most expensive cities in the world 2021:
- 1. Tel Aviv
- 2. Paris, Singapore (tie)
- 4. Zurich
- 5. Hong Kong
- 6. New York City
- 7. Geneva
- 8. Copenhagen
- 9. Los Angeles
- 10. Osaka, Japan
- 11. Oslo
- 12. Seoul
- 13. Tokyo
- 14. Vienna, Sydney (tie)
- 16. Melbourne
- 17. Helsinki, London (tie)
- 19. Dublin, Frankfurt, Shanghai (tie)