Tel Aviv is the world’s most expensive city, The Economist reported on Wednesday.

A strong shekel and price increases for goods and services have moved Israel’s “White City” to the top spot this year—up four from 2020—replacing Paris, according to the Worldwide Cost of Living Survey from the newspaper’s sister company, the Economist Intelligence Unit (EIU).

The French capital last year shared the top slot with Hong Kong and Zurich, the EIU survey found. It currently shares second place with Singapore.

The annual survey compares the prices of more than 200 products and services in 173 cities globally, The Economist said, explaining that it is used primarily by companies negotiating compensation when relocating staff, but can serve to gauge local and worldwide trends.

The financial news outlet further stated that pandemic-related supply-chain problems have pushed the price of goods up in many places in the world, pointing to the fact that the cost of shipping was four times higher in September than it was during the same month last year.

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