Tel Aviv Ranked World’s Most Expensive City

According to a new report in The Economist, Tel Aviv has replaced Paris as the world’s most expensive city.

The cost of living in Tel Aviv has spiked, according to The Economist report, which compared the cost of over 200 products and services in 13 different cities around the world. A CNN report on the findings noted the increased cost of living in Tel Aviv was due in part to the strengthening of the shekel against the U.S. dollar.

The Economist report compares consumer prices in cities around the world to those in New York City. As a result, cities in countries whose currency is stronger than that of the U.S. dollar are ranked higher on the list.

Paris, which was knocked out of first place, is now tied for second with Singapore.

Zurich and Hong Kong were ranked fourth and fifth on the list, respectively, after both cities tied with Paris for first place last year. New York ranked sixth on the list, followed by Geneva in seventh place, and Copenhagen in the eighth slot. Closing out the list was Los Angeles in ninth place and Osaka.