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Tel Aviv is now the world's most expensive city to live in, according to a survey published on Wednesday. The Israeli city has climbed five rungs to bag the top spot for the first time due to the strength of the national currency, the shekel as well as soaring inflation, according to Economist Intelligence Unit (EIU).

The Worldwide Cost of Living Index is compiled by comparing prices in US dollars for goods and services in 173 cities.

After Tel Aviv, Paris and Singapore came joint second, followed by Switzerland's Zurich, and Hong Kong. New York ranked sixth and Geneva seventh.

Rounding off the top 10 were Copenhagen in 8th, Los Angeles in 9th, and Osaka, Japan, in 10th in the authoritative ranking compiled by the Economist Intelligence Unit (EIU).

Last year, Paris, Zurich, and Hong Kong were in joint first place. This year's data was collected in August and September as prices for freight and commodities rose and shows that on average prices rose 3.5% in local currency terms-- -- the fastest inflation rate recorded over the past five years.

The Iranian capital rose from 79th to 29th place in the ranking as US sanctions have pushed up prices and caused shortages. Damascus was ranked the world's cheapest city to live in.

(With AFP inputs)

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