(March 18, 2018 / JNS) Tel Aviv has been ranked the ninth most expensive city in the world in The Economist’s Intelligence Unit annual report.
The White City’s cost of living skyrocketed from the 34th most expensive city on earth, a distinction it held just five years ago.
Singapore was dubbed the world’s priciest city, followed by Paris, Zurich, Hong Kong and Oslo.
Tel Aviv is the most expensive city in the Middle East. Asia was home to four of the 10 most expensive cities in the ranking, with New York and Los Angeles falling to 13th and 14th, respectively, due in part to the weakening of the U.S. dollar.
The Israeli shekel’s appreciation has driven up consumer costs across the board, according to the 2018 Worldwide Cost of Living Survey published on Thursday.
Car ownership costs 79 percent more than New York prices, though the average Israeli income is less than half the American average.
An average loaf of bread, which cost $2.98 a decade years ago, cost $4.44 five years ago and $5.10 today.