Israel’s consumer price index rose 0.1% in June, in line with expectations. In the 12 months to the end of June 2024, the inflation rate rose slightly to 2.9% from 2.8% at the end of May, according to figures released by the Central Bureau of Statistics today. Inflation thus remains slightly below the upper end of the Bank of Israel’s annual target range of 3%.
Notable price increases in June included culture and recreation, which rose 1.2%, housing costs (rent) by 0.5%, and food and home maintenance prices, which rose by 0.3% each.
Notable price declines in May included fresh fruits and vegetables, which fell 2.5%, transport and communications, which each fell 0.4%, furniture and household equipment, which fell 0.3%, and health care, which fell 0.2%.
The Central Bureau of Statistics also published the change in housing prices (which are not part of the general CPI) between March and April and May 2024. On average, prices rose by 0.8%. This was the sixth consecutive month in which prices rose after many months of decline. In a breakdown by region, prices rose by 2.1% in Jerusalem, by 0.6% in the North, and by 0.7% in Haifa. Prices remained unchanged in the center, rose by 1.2% in Tel Aviv, and by 0.2% in the South. Prices of new apartments fell by 0.5%.
Comparing April-May 2024 to April-May 2023, the housing price index rose by 3.4%. In a breakdown by region, prices rose by 8.3% in Haifa, 4.9% in the North, 3.6% in the South, 2.9% in Jerusalem, 2.3% in the Central District, and 2.6% in Tel Aviv. The new housing price index fell by 0.9%.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 15, 2024.
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