From the Liveblog of
Sunday, August 27, 2023
OECD ranks Israel as group’s most expensive country
Sharon Wrobel is a tech reporter for The Times of Israel.
Israeli cost of living is the highest among the developed world, OECD data shows.
Israel ranks in first place in a list of developed countries with the highest cost of living in 2022, data published by the Organization for Economic Cooperation and Development shows.
In Israel, prices were 38% higher than the average in OECD member countries, according to the comparative index. The ranking is based on price movements as measured by consumer price indices, and uses market exchange rates for purchasing power parities.
In second place in the table is Switzerland, closely followed by Iceland in third place, and the US in fourth place. The cheapest countries are Turkey, followed by India and Colombia.
