After being named the world's most expensive city to live in by the authoritative The Economist magazine last year, Tel Aviv no longer holds the dubious honor, falling to third place behind joint-"winners" New York and Singapore.
Rounding up the top five are Hong Kong and Los Angeles.
The main reason behind Tel Aviv's drop in the ranking is not a decline in the city's notorious cost of living problem, but a significant increase in prices in the cities that have overtaken it.
The Worldwide Cost of Living Index is compiled by comparing prices in U.S. dollars for goods and services in 172 major cities around the globe.
Data show that the average cost of living in those cities jumped by 8.1% compared to 2021, largely due to the Russian invasion of Ukraine and consequent economic turmoil.