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The soaring value of Israel's currency was the main reason for Tel Aviv's climb to the top of rankings.
Tel Aviv has been named the most expensive city in the world due to soaring inflation and supply-chain problems.
The Israeli city came top for the first time in a survey by the EIU, climbing from fifth place last year and pushing Paris down to joint second with Singapore.
Damascus is the cheapest city in the world.
The costs for goods and services are compared in 173 cities.
In local currency terms, average prices rose 3.5% in August and September, the fastest inflation rate in the past five years, according to the EIU.
The cost of a liter of petrol has gone up by 21% in the cities studied.
The shekel's value against the dollar helped Tel Aviv climb to the top of the World Cost of Living rankings. The local prices of around 10% of goods increased.
Tel Aviv was found to be the second most expensive city for alcohol and transport, fifth for personal care items, and sixth for recreation.
Last year, Paris, Zurich and Hong Kong shared first place. New York and Los Angeles were the top two this year, followed by Zurich and Hong Kong.
The cheapest places to live are in the Middle East and Africa. Three years after the US imposed economic sanctions on Iran, Tehran climbed the most in the rankings, jumping from 81st to 29th.
Rome fell from 32nd to 48th place after falling grocery and clothing prices.
The EIU said the rankings were sensitive to shifts brought about by the coronaviruses.
The world's major cities still experience frequent surge in cases despite the fact that most economies are now recovering. This has disrupted the supply of goods in many cities, leading to shortages and higher prices.
Fluctuating consumer demand has also influenced purchasing habits, while investor confidence has affected currencies.
The EIU said it expected prices to moderate over the next year as central banks increase interest rates.
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Local businesses are hurt by a supply chain shortage.
The cost of living.