The Israeli CPI fell 0.4% in November, more than expected with analysts expecting a 0.2%-0.3% decline, after the CPI rose 0.5% in October. In the 12 months to the end of November 2024, the inflation rate fell to 3.4%, from 3.5% at the end of October, according to figures released by the Central Bureau of Statistics today. Although annual inflation at the end of November was below economists’ expectations of between 3.6% and 3.5%, it was still above the upper end of the Bank of Israel’s annual target range of 3%.
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Notable price declines in November included fresh fruit and vegetables, which fell 6.6%, transportation fell 1.5%, education, culture and entertainment fell 1.3%, and footwear fell 0.7%.
Notable price rises in November included clothing, which rose 1.2%, and fuel, food and housing maintenance, which each rose 0.3%.
The Central Bureau of Statistics also published the change in house prices (which are not part of the general CPI) between August-September 2024 and September-October 2024. On average, prices rose by 0.5%, after falling by 0.1% in the previous month. But it had been rising for nine straight months before that. Distribution by region, prices decreased by 0.4% in Jerusalem, but increased by 1.5% in the north, decreased by 0.2% in Haifa, rose by 0.4% in the center, rose by 1% in Tel Aviv, and rose by 0.4% in Jerusalem. south. Prices of new apartments increased by 0.3%.
In the comparison between September and October 2024 and September and October 2023, the housing price index increased by 6.7%. Distribution by region, prices increased by 11.1% in Haifa, 9.5% in the north, 7.7% in the central region, 5.9% in Tel Aviv, 5.2% in the south, and only 1.7% in Jerusalem. Prices of new apartments increased by 3.6% over the past year.
Published by Globes, Israel Business News – en.globes.co.il – on December 15, 2024
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