Israel’s consumer price index rose 0.6% in July, slightly above expectations. In the 12 months to the end of July 2024, the inflation rate rose to 3.2% from 2.9% at the end of June, according to figures released by the Central Bureau of Statistics today. As a result, inflation rose again above the Bank of Israel’s annual target of 3%.
Notable price increases in July included fresh fruits and vegetables, which rose 3.2%, culture and recreation, which rose 1.8%, rents and housing maintenance, which rose 0.8% each, and food and transportation, which rose 0.5% each.
Notable price declines in July included clothing and footwear, which fell 2.4%, and furniture and household equipment, which fell 0.6%.
The Central Bureau of Statistics also published the change in housing prices (which are not part of the general CPI) between April-May and June 2024. On average, prices rose by 0.7%. This was the seventh consecutive month in which prices rose after several months of decline. In a breakdown by region, prices rose by 0.7% in Jerusalem, by 1.5% in the North, by 1.2% in Haifa, by 0.6% in the Center, by 0.5% in Tel Aviv, and by 0.2% in the South. Prices of new apartments fell by 0.9%.
Comparing May-June 2024 to May-June 2023, the housing price index rose by 4.7%. In a breakdown by region, prices rose by 9.7% in Haifa, 6.3% in the North, 4% in Tel Aviv, 3.9% in the Central District, 3.8% in Jerusalem, and 3.7% in the South. The new housing price index fell by 0.6%.
This article was published in Globes, Israeli Business News – en.globes.co.il – on August 15, 2024.
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