Israel’s consumer price index rose 0.9% in August, well above analysts’ expectations of 0.5% to 0.6%. In the 12 months to the end of August 2024, the inflation rate rose to 3.6% from 3.2% at the end of July, according to figures released by the Central Bureau of Statistics today. Inflation thus rose above the Bank of Israel’s annual target of 3%.
Notable price increases in August included fresh vegetables, which rose 13.2%, transportation, which rose 2.8%, housing costs, which rose 0.6%, education, culture and recreation, which each rose 0.5%, maintenance of housing, which rose 0.4%, and food, which rose 0.3%.
Notable price declines in August included clothing and footwear, which fell 1.1%, communications, which fell 0.8%, and furniture and household equipment, which fell 0.4%.
The Central Bureau of Statistics also published the change in housing prices (which are not part of the general CPI) between May-June 2024 and June-July 2024. On average, prices rose by 0.9%. This was the eighth consecutive month in which prices rose, following several months of declines before that. In a breakdown by region, prices rose by 0.1% in Jerusalem, fell by 0.2% in the North, but rose by 0.8% in Haifa, 1.8% in the Center, 1% in Tel Aviv, and 0.4% in the South. Prices of new apartments rose by 1.2%.
Comparing June-July 2024 to June-July 2023, the housing price index rose by 5.8%. In a breakdown by region, prices rose by 9% in Haifa, 7.6% in the Central District, 5.8% in Jerusalem, 5.6% in the North, 4% in the South, and 3.6% in Tel Aviv. Prices of new apartments rose by 0.9% over the past year.
This article was published in Globes, Israeli Business News – en.globes.co.il – on September 15, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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