WORLDWIDE COST OF LIVING 2021 REPORT HAS BEEN RELEASED BY ECONOMIST INTELLIGENCE UNIT (EIU).

Why in news?

• Worldwide Cost of Living Index 2021 has released the list of cheapest and the most expensive cities in the world.

About Cost-of-Living Index 2021

• A survey is conducted by the Economist Intelligence Unit, EIU every year. This year it was conducted in September-October 2021.
• This Worldwide Cost of Living Index explores 173 cities of the world which are ranked based on “Impactful Global Events”.
• It stated that prices for goods and services have risen by 3.5 per cent year-on-year, the highest inflation rate seen in the last five years.

Key findings

• Tel Aviv is the world’s most expensive cities. It was followed by Paris in second place and Singapore in third
• In 2020, Paris was the most expensive city according to the index.
• In 2021, Zurich and Hong Kong were at fourth and fifth places respectively.
• Overall, the upper rankings were dominated by developed Asian cities and European cities.
• The lowest rankings were occupied by cities in Africa, Middle East and less wealthier parts of Asia.