Under The Angsana Tree: World’s most expensive city 2021

All over the world, it's been a tough year on wallets

Singapore is tied in second place with a European capital

Supply-chain blockages and changing consumer demand have pushed up the cost of living in many of our biggest cities, according to new research published Wednesday, and inflation is the fastest recorded over the past five years.

One city has been experiencing more rapid change than most, jumping from fifth place to first in this year's Worldwide Cost of Living index released by the Economist Intelligence Unit (EIU). The Israeli city of Tel Aviv topped the rankings for the first time, overtaking last year's leader Paris, which is now tied in second place with Singapore.

The EIU attributes Tel Aviv's sharp rise on the index to increases to grocery and transport prices and the strength of the Israeli shekel against the US dollar.

read more

Tel Aviv overtakes Paris to become world’s most expensive city

Tel Aviv has jumped from fifth place to first in this year’s WCOL index, ahead of Paris and Singapore in joint second place

Data released today by the Economist Intelligence Unit (EIU) reveals soaring price increases are contributing to the fastest rise in the cost of living for city dwellers in five years. The EIU’s 2021 WCOL index, which tracks the cost of living in 173 cities across the world, also reveals Tel Aviv is now the world’s most expensive city, rising from fifth place in 2020 to overtake Paris, which previously occupied the top spot.

On average, prices for the goods and services covered by WCOL have risen by 3.5% year on year in local-currency terms, compared with an increase of just 1.9% this time last year. Transport costs rose most rapidly in this year’s survey, mainly because of rising oil prices driving a 21% increase in the price of unleaded petrol, but the recreation, tobacco and personal care categories also showed strong increases. These numbers exclude four cities suffering from very high inflation—Caracas, Damascus, Buenos Aires and Tehran.

The WCOL rankings continue to be sensitive to shifts brought about by the Covid-19 pandemic. The survey data were collected between August 16th and September 12th 2021, when freight rates and commodity prices were continuing to rise across the world. Combined with fluctuating consumer demand and exchange-rate shifts, the resulting supply problems have fuelled price rises in the world’s major cities.

read more

As Singapore becomes the world’s second-most expensive city, what happened to Hong Kong?

Cyclists ride their bicycles along the promenade at Marina Bay. Singapore rose by two points in the EIU cost of living report. Photo: AFP

Hong Kong is no longer the most expensive city in the world to live in, according to rankings released by The Economist Intelligence Unit (EIU) on Wednesday, losing the top spot to Tel Aviv, as cities clocked the highest inflation rate in five years.

The Israeli city climbed four places to top the rankings for the first time on the back of a stronger currency and hikes in grocery and car prices. Hong Kong was ranked fifth this year as prices of clothing and personal care, including haircuts, dipped.

Meanwhile, Singapore rose by two spots to clinch joint second place with Paris, while Zurich came in fourth. New York, Geneva, Copenhagen, Los Angeles and Osaka took the remaining top 10 spots. The Worldwide Cost of Living 2021 report compared 173 cities using the prices of some 200 products including food, clothing, household supplies, home rents, transport and recreation.

read more

Singapore and Hong Kong no longer world's costliest cities: EIU

Singapore remains the costliest city in Asia, joining Paris for second place and jumping 2 spots from last year. ST PHOTO: LIM YAOHUI

TEL Aviv has overtaken both Singapore and Hong Kong to become the most expensive city in the world, according to a 2021 report by the Economic Intelligence Unit (EIU). Singapore remains the costliest city in Asia, joining Paris for second place and jumping 2 spots from last year. Hong Kong is also among the world's costliest cities, slipping to fifth place from a joint-top spot last year.

Tel Aviv, Israel, has taken the top spot for the first time, rising from fifth place last year. This is mainly due to the shekel appreciating, making local costs more expensive against the US dollar. Approximately one-tenth of the city's goods experienced price increases, particularly in groceries and transport.

Around the world, supply chain disruptions and changing consumer demand have driven up the cost of living. The Covid-19 pandemic and restrictions continue to affect production and trade, according to the report.

read more

These Are the World’s Most Expensive Cities to Live in Right Now

Israel’s Tel Aviv has leapfrogged Hong Kong and Singapore to become the world’s most expensive city to live in, according to the Economist Intelligence Unit (EIU).

The Israeli city climbed from fifth place last year to top the Worldwide Cost of Living 2021 report for the first time, pushing Paris down to joint second place with Singapore. Zurich and Hong Kong rounded out the top five. The soaring shekel and price increases for goods including groceries and transport were the main factors in Tel Aviv taking the top spot, according to the EIU.

It said prices for goods and services studied across cities had risen 3.5% year-on-year in local currency terms, compared with 1.9% last year. The inflation rate was the fastest recorded for the past five years. Cost increases were biggest for transport as higher oil prices boosted the price of unleaded petrol by 21%.

read more

Tel Aviv has been named the world's most expensive city to live in

Last year, Tel Aviv was the fifth-most expensive city in the world to live in. But the Economist Intelligence Unit's (EIU) latest Cost of Living survey says the Israeli city is now the costliest on the planet. The EUI's World Wide Cost of Living Report puts it down to a few things.

First off, the Israeli currency, the shekel, has been very strong, which makes local prices more expensive when they're converted into US dollars. And while the average price increase was fairly tame at 1.6 per cent, the EUI says prices for about one-tenth of goods skyrocketed. Among those steep increases were groceries, transport and alcohol (booze prices in Tel Aviv are the second-highest in the world). It's thought the pandemic is at least partly to blame, with coronavirus shutdowns disrupting supply chains that pushed up the price of a whole range of goods.

The EIU survey works by comparing the prices of 200 products and services — such as food prices, utility bills and transport costs — across 173 cities globally. Those prices are converted into the US dollar as a central currency and weighted individually so they can be compared easily. Paris and Singapore tied in second place, with the French capital being in the top spot last year. The general trend was for developed Asian cities and European capitals to take out the top spots, with North American and Chinese cities being "relatively moderately priced".

read more

This is now the world’s most expensive city to live in, study says

Tel Aviv, Israel, is now the most expensive city in the world to live in, according to a biannual report by the Economist Intelligence Unit. The Israeli city topped the EIU’s December 2021 worldwide cost of living index for the first time ever, climbing up from fifth place last year. The EIU said that 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.”

Israel had one of the fastest Covid-19 vaccination programs in the world. According to figures from Our World in Data, 62% of Israel’s population were fully-vaccinated as of Monday. In early November, the Israeli shekel was up 4% against the U.S. dollar year-to-date, according to Reuters, but has since trimmed those gains. Around a tenth of goods rose in cost in Tel Aviv, in the EIU’s latest research, which looked at the prices of over 200 products and services in 173 cities.

More broadly, the EIU said that 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. Supply chain issues, fluctuations in currency exchange rates and changes in consumer demand led to this rise in prices for commodities and other goods, the EIU said. Transport saw the biggest rise in cost, with the price of gasoline per liter up by 21% on average in 2021, according to the research.

read more

Singapore is officially the most expensive city in Asia

We're also the cleanest and greenest in the world

From having the most impressive skyscrapers in the world to the award-winning Changi Airport, Singapore is known for its competitive spirit. And now, for better or for worse, it has knocked Hong Kong off its spot for the most expensive country in Asia to live in. This is according to rankings released by The Economist Intelligence Unit (EIU) on Wednesday.

Singapore has risen two spots and has clinched a joint second place with Paris, followed by Zurich in the fourth position. Tel Aviv, with its stronger currency and hikes in grocery and car prices, has climbed four places to top the rankings for the first time; while Hong Kong has moved four notches down to fifth as prices of clothing and personal care, including haircuts, dipped.

With Singapore's property prices continuously rising in 2021, the results come as no surprise. But hey, at least we are still the cleanest and greenest city. And we are home to some of the most affordable, delicious food in the world.

read more

S’pore Ranked 2nd-Most Expensive City & Asia’s Costliest Place To Live In: Economist

While essentials like food and groceries are rather inexpensive in Singapore, there are other factors that contribute to our high cost of living

Recently, a survey by the Economist Intelligence Unit (EIU) found that Singapore was the world’s 2nd-most expensive city to live in.

Singapore has also been ‘crowned’ the most expensive city in Asia, a spot previously occupied by Hong Kong.

On Wednesday (1 Dec), the EIU released the results of their report on the Worldwide Cost of Living 2021. This year, Tel Aviv of Israel claimed the top spot as the most expensive city in the world. Next up was Singapore which tied with Paris for the 2nd-most expensive city to live in.

read more

Singapore crowned as the most expensive city in Asia — Tied with Paris as 2nd most expensive city in the world

In terms of cost of living, Singapore is now the most expensive city in Asia. Compared to the rest of the world, it tied Paris in second place.

Only Tel Aviv tops both of them, according to the latest survey results of the Economist Intelligence Unit (EIU), which was released on Dec 1. Last year, Singapore was in fourth place.

EIU’s Worldwide Cost of Living (WCOL) survey shows that an uptick in prices has been felt all over the world this year, with the inflation rate rising by 3.5 per cent year-on-year in local currency terms. In 2020, the inflation rate was 1.9 per cent.