Context: Recently, Economist Intelligence Unit has released its 'worldwide Cost Of Living Report for 2021.' which compares the cost of living indices in different cities.

About the Report

• The report explores the rise and fall of the cost of living in 173 cities across the globe. 
• It is a bi-yearly survey that compares more than 200 products and services.
• The index is benchmarked against prices in New York City, hence cities with currencies that are stronger against the US dollar are likely to appear higher in the rankings.

Key Findings

• The Israeli city climbed from fifth place last year to top the Worldwide Cost of Living 2021 report for the first time.
• Paris and Singapore came joint second, followed by Zurich and Hong Kong. New York was in sixth, with Geneva in seventh.

Other key findings in the study include

• Rome saw the biggest drop in the ranking from 32nd to 48th place
• Tehran leaped from 79th to 29th place after the reimposition of U.S. sanctions on Iran
• Hong Kong had the most expensive petrol prices, at $2.50 per liter
• Branded cigarette prices went up 6.7% on average

Indian Scenario: In India, Ahmedabad, Gujarat has been listed in the top ten cheapest cities of the survey.

• Among the cheapest cities, Damascus (capital of Syria) is at the top. It is followed by Tripoli (Libya,) Tashkent (Uzbekistan), Tunis (Tunisia) and Almaty (Kazakhstan') in the ranking of cheapest cities.