The Israeli Consumer Price Index rose 0.5% in October, as expected, after falling 0.2% in September. In the 12 months to the end of October 2024, the inflation rate remained at 3.5%, the same level as at the end of September, according to figures released by the Central Statistics Office today. Since the beginning of 2024, the CPI has risen by 3.9%. Therefore, inflation remains well above the upper end of the Bank of Israel’s annual target range of 3%.
Notable price increases in October included foreign travel, which rose 17.2%, shoes, which rose 2%, clothing, which rose 4%, car insurance, which rose 0.9%, and transportation, which rose 1.9%.
Notable price declines in October included hotels, which fell 4.2%, and motor fuel and oil, which fell 1.8%.
The Central Bureau of Statistics also published the change in house prices (which are not part of the general CPI) between July-August 2024 and August-September 2024. On average, prices fell by 0.1%. This was the first decline after nine consecutive months of rising prices. In distribution by region, prices decreased by 0.7% in Jerusalem, but increased by 1.2% in the north, increased by 0.9% in Haifa, decreased by 0.7% in the center, decreased by 0.1% in Tel Aviv, and increased by 0.4% in Jerusalem. south. Prices of new apartments increased by 0.1%.
In comparing August-September 2024 and August-September 2023, the housing price index increased by 6.1%. Distribution by region, prices increased by 10.8% in Haifa, 7.2% in the central region, 6.6% in the north, 6.3% in the south, 4.7% in Jerusalem, and 3.8% in Tel Aviv. Prices of new apartments increased by 3% over the past year.
Published by Globes, Israel Business News – en.globes.co.il – on November 15, 2024.
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