Tel Aviv, The Economist, revealed on Wednesday, is the world's most expensive city.

A strong shekel and rising prices for goods and services have propelled Israel's "White City" to the top rank this year — up four spots from 2020 — displacing Paris, according to the newspaper's sister organization, the Economist Intelligence Unit's Worldwide Cost of Living Survey (EIU).

The French capital shared the top spot with Hong Kong and Zurich last year, according to the EIU report. It is now tied with Singapore for the second position.

The annual poll compares the pricing of more than 200 products and services in 173 cities worldwide. The Economist explained, adding that businesses primarily use it when negotiating compensation for staff relocation and may also monitor local and global trends.

Additionally, the financial news outlet noted that pandemic-related supply-chain issues had increased the price of goods in many parts of the world, citing that shipping costs were four times higher in September than they were a year ago during the same month.