Tel Aviv ranked world's most expensive city

According to latest data Tel Aviv is the world's most expensive city in the world to live in as soaring inflation has pushed up living costs globally. A survey report, published on Wednesday, said that the Israeli city climbed five rungs to score top place for the first time in the authoritative ranking compiled by the Economist Intelligence Unit (EIU). Tel Aviv climbed the rankings partly due to the strength of the national currency, the shekel, against the dollar, as well increases in prices for transport and groceries. The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities. Syria's Damascus was ranked the world's cheapest city to live in. Hong Kong had the most expensive petrol prices, at $2.50 for a litre.

Paris and Singapore came joint second, followed by Zurich and Hong Kong. New York was in sixth, with Geneva in seventh. Rounding off the top 10 were Copenhagen in eighth, Los Angeles in ninth and Osaka, Japan, in 10th. Last year, the survey put Paris, Zurich and Hong Kong in joint first place. The average inflation figure does not include four cities with exceptionally high rates: Caracas, Damascus, Buenos Aires and Tehran. The Iranian capital rose from 79th to 29th place in the ranking as US sanctions have pushed up prices and caused shortages.