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The most expensive city in the world Tel Aviv, Prague ranks 79

The most expensive city in the world Tel Aviv, Prague ranks 79

This is according to a survey by British analytics company The Economist Intelligence Unit (EIU), which compares prices for 200 products and services in 173 cities around the world. Prague moved up eight places to reach 79th.

Of the European cities, the fourth city of Zurich, the seventh Geneva and the eighth Copenhagen reached the top ten. According to EIU, the Syrian capital, Damascus, has the cheapest cost of living, with a slightly higher cost of living in Tripoli, Libya, and in Uzbekistan’s capital, Tashkent.

Tel Aviv took first place in the table, partly due to the appreciation of the national currency, the shekel against the dollar, and also due to the high prices of transport and food. It was the second most expensive city in terms of alcohol and transportation prices, the fifth in terms of personal care and the sixth in terms of recreation.

Prague was among the 10 highest-grossing cities in the table compared to last year. On the contrary, the sharpest decline – 16 places to 48th year on year – is due to lower food and clothing prices in Rome.

Supply chain problems have contributed to an increase in the cost of living for many city dwellers, and coronavirus measures have reduced production and trade, according to the index. As a result of the sharp rise in oil prices, transportation costs rose sharply. Prices of goods and services rose at a 3.5 percent year-on-year rate, the highest inflation rate in five years, according to the Economist Intelligence Unit.