Owing to price dips in clothing and personal care, Hong Kong is no longer the most expensive city to live in. That spot now belongs to Tel Aviv, which climbed 4 places to top the rankings for the first time. The Israeli city’s climb was based on hikes in car and grocery prices, as well as a stronger currency.
Hong Kong was fifth, with Singapore and Paris tied for second, and Zurich fourth. This ranking was based on data released today by the Economist Intelligence Unit (EIU), which compared 173 cities using the prices of around 200 goods and services. The report noted that data collected in between August and September was unusually high due to sky-high freight rates and oil prices during that period. But even if that period were to be discounted from the calculations, supply chain disruptions due to the pandemic would have still meant record-breaking price increases.
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