Currency volatility also played a role in the ranking, making the Turkish and Russian capitals of Istanbul and Moscow more affordable. On the other hand, London climbed up the ranking as the British pound rebounded from prolonged volatility fuelled by Brexit.
Economic sanctions imposed on Russia also impacted the cost of living in its cities, with Moscow among the cities moving the most places down the scale.
Tel Aviv was the only Middle Eastern hub to be ranked among the ten most expensive cities in the world. Elsewhere in the region, Istanbul plummeted 48 places to 120th place – a result of its “uncontrollably high inflation,” the EIU said.
A growing number of cities, including Syrian capital Damascus and Caracas, Venezuela, were becoming cheaper due to political instability and infrastructural issues.
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