The first skyscraper in Tel Aviv is in front of newer buildings in the back.
Ilan Shacham is pictured.
Tel Aviv, Israel, is the most expensive city to live in, according to a biannual report by the Economist Intelligence Unit.
The cost of living in the Israeli city went up from fifth place to first place in December of 2021, according to the EIU.
Tel Aviv rose up the rankings due to the shekel's rise against the dollar, according to the EIU.
Israel had a fast Covid-19 vaccine program. According to figures from Our World in Data, more than half of Israel's population were fully-vaccinated as of Monday. The shekel was up 4% against the U.S. dollar in early November, but has since fallen.
In Tel Aviv, a tenth of goods rose in cost, according to the latest research by the EIU.
The inflation rate of the prices tracked by the EIU has risen by 3.5% in local currency terms to September 2021, up from 1.9% in 2020. This was the fastest pace of inflation in the past five years.
Changes in consumer demand and fluctuations in currency exchange rates led to a rise in the prices of commodities and other goods, according to the EIU. The research shows that the price of gasoline per liter increased by 21% in 2021, the biggest rise in cost.
The head of worldwide cost of living at the EIU said that prices were expected to rise further across many cities as pay increased.
She said that they are expecting central banks to raise interest rates to stem inflation, and that these price increases should start to moderate from the current levels.
The French capital of Paris fell to second place, behind Singapore. Rome, Italy, saw its ranking fall due to a decline in the cost of groceries and clothing.
