Cost of living in Israel higher than in OECD

Prices in Israel were 13 percent higher than the average in Organization for Economic Cooperation and Development states in 2013, according to data released Monday by the Israeli Central Bureau of Statistics.

However, gross domestic product in Israel was 16% lower than in other OECD states, the data showed.

Israel's price level index (the ratio of the Price Power Parity to the exchange rate) was 113% compared to OECD states, meaning that the cost of living in Israel was 13% higher.