(CNN) — All over the world, it has been a troublesome 12 months on wallets. Supply-chain blockages and altering shopper demand have pushed up the price of dwelling in a lot of our largest cities, in accordance to new analysis revealed Wednesday, and inflation is the quickest recorded over the previous 5 years. The Israeli metropolis of Tel Aviv topped the rankings for the primary time, overtaking final 12 months's chief Paris, which is now tied in second place with Singapore. The EIU attributes Tel Aviv's sharp rise on the index to will increase to grocery and transport costs and the energy of the Israeli shekel towards the US greenback. 
The City of Light landed in second place in 2021.Kiran Ridley/Getty Images
Everyday items and companies
The 2021 Worldwide Cost of Living index tracks the price of dwelling throughout 173 international cities -- 40 greater than final 12 months -- and compares the worth of greater than 200 on a regular basis services and products. Data for the survey, which has been carried out for greater than three many years, is gathered by EIU's international group of researchers every March and September.The index is benchmarked towards costs in New York City, therefore cities with currencies which are stronger towards the US greenback are probably to seem greater in the rankings. Zurich and Hong Kong are at Nos. 4 and 5 respectively, having held the highest spot final 12 months alongside Paris. New York, Geneva, Copenhagen, Los Angeles and Osaka spherical up the remainder of the highest 10. The higher rankings rankings continues to be dominated by European and developed Asian cities. The lowest-ranking cities are primarily in the Middle East, Africa and fewer rich components of Asia.Pandemic issues
The EIU experiences that, on common, costs for the products and companies coated by the index have risen by 3.5% 12 months on 12 months in local-currency phrases, in contrast with a rise of simply 1.9% this time final 12 months. Those much-reported international supply-chain issues have contributed to value rises and the Covid-19 pandemic and social restrictions are nonetheless affecting manufacturing and commerce world wide. With a brand new coronavirus variant presently inflicting widespread alarm, these points will not be going away in a rush. Rising oil costs drove a 21% improve in the worth of unleaded petrol, experiences the EIU, however there have been additionally large value hikes in the recreation, tobacco and private care classes. The highest-rising metropolis in 2021 was the Iranian metropolis of Tehran, which jumped 50 locations from No.79 to No.29 as US sanctions resulted in shortages and better costs. The Syrian metropolis of Damascus as soon as once more ranks as the most affordable metropolis in the world, as its war-torn economic system continues to wrestle. Damascus and Tehran suffered from very excessive inflation in 2021, as did Caracas in Venezuela and Buenos Aires in Argentina.Previous list-topper Singapore fell one slot in 2021.Roslan Rahman/AFP/Getty Images
More to come
Upasana Dutt, head of Worldwide Cost of Living at EIU, mentioned in an announcement: "Although most economies internationally are actually recovering as Covid-19 vaccines are rolled out, many main cities are nonetheless seeing spikes in instances, main to social restrictions. These have disrupted the availability of products, main to shortages and better costs. We can clearly see the affect in this 12 months's index, with the rise in petrol costs notably stark. But not all cities noticed value will increase. Many of the cities in the direction of the underside of our rankings noticed costs stagnate and even fall, partly as a result of their currencies weakened towards the US greenback.Over the approaching 12 months, we count on to see the price of dwelling rise additional in many cities as wages improve in many sectors. However, we're additionally anticipating central banks to increase rates of interest, cautiously, to stem inflation. So the worth will increase ought to begin to average from this 12 months's stage."
Los Angeles is one among two U.S. cities on the listing.Mario Tama/Getty Images
World's most expensive cities to live 2021
1. Tel Aviv, Israel2. (tie) Paris, France2. (tie) Singapore4. Zurich, Switzerland5. Hong Kong6. New York City, New York 7. Geneva, Switzerland8. Copenhagen, Denmark9. Los Angeles, California10. Osaka, Japan11. Oslo, Norway12. Seoul, South Korea13. Tokyo, Japan14. (tie) Vienna, Austria14. (tie) Sydney, Australia16. Melbourne, Australia17. (tie) Helsinki, Finland17. (tie) London, UK19. (tie) Dublin, Ireland19. (tie) Frankfurt, Germany19. (tie) Shanghai, China
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