The Israeli city of Tel Aviv is the world’s costliest place to live, the Economist Intelligence Unit (EIU) research group says.The EIU released the results of its yearly "Worldwide Cost of Living Index" on Wednesday.The index is created by comparing prices in U.S. dollars for goods and services in 173 cities.The EIU uses 400 individual prices across 200 products and services to decide the world's costliest and least costly places.It is the first time Tel Aviv has held the index's highest position.Last year, it was in the sixth position.The Israeli city climbed the rankings partly because of the strength of its national money, the shekel, against the dollar.Other reasons were increases in prices for transportation and food.Singapore and Paris came in tied for second, followed by the Swiss city of Zurich and Hong Kong.Another Swiss city, Geneva, came in seventh.The rest of the top 10 costliest cities were Copenhagen, Denmark; Los Angeles, California; and Osaka, Japan.
