(JNS) Israel is the most expensive country in the developed world, according to new data from the OECD.
Prices in Israel were 38% higher than the OECD average, according to the report released by the Paris-based group. Switzerland was a close second at 37% above average followed by Iceland at 32%, the United States at 25% and Australia at 23%.
However, the monthly data for June of this year showed Israel falling to fourth in the cost of living rankings, with Switzerland at No. 1 followed by Iceland and Ireland.
“Comparative price level indices are the ratios of purchasing power parities to market exchange rates,” the OECD explains. “At the level of GDP, comparative price levels provide a measure of the differences in the general price levels of countries.”
