Israel’s Consumer Price Index (CPI) fell unexpectedly by 0.3% in November. In the twelve months to the end of November 2023, the index rose by 3.3%, down from 3.7% from the 12 months to the end of October. The figures released by the Central Bureau of Statistics came as a surprise, as analysts had been predicting the CPI had remained unchanged in November, or risen by 0.1%, with annual inflation falling to 3.5%-3.6%. In the 11 months since the start of 2023, prices have risen by 3.1%.
There were notable price falls in November in fresh fruit, which fell 4.8%, transport (1.2%), footwear (1%), culture and entertainment (0.6%), housing costs (0.4%) and furniture and household equipment (0.3%).
There were notable price rises in fresh vegetables, which rose 0.7% and food (0.5%).
The Central Bureau of Statistics also released figures for home prices, which are not part of the CPI. A comparison of deal prices in August-September 2023 with deals in September-October 2023 shows prices unchanged, in part due to the holidays and then the start of the war, with few deals struck.
A comparison of deal prices in August-September 2023 with deals in September-October 2023 shows prices rose 2.2% in Jerusalem, fell 1.4% in the north, fell 0.3% in Haifa, rose 0.1% in the Central Region, fell 0.5% in Tel Aviv, and rose 1.5% in the south.
A comparison of deal prices in August-September 2023 with deals in September-October 2023 shows prices of new apartments falling 0.4%, while new apartment prices have fallen 3.6% over the 12 months ending September-October 2023.
In the 12 months ending September-October 2023, housing prices in Israel fell 1.3%. In the 12 months ending September-October 2023 housing prices in the Central Region fell 2.9%, housing prices in the south fell 2.3%, in Tel Aviv prices fell 2.2% and in the north prices fell 0.1%. Over this period housing prices rose 3.3% in Jerusalem, rose 2.5% in Haifa, and rose 0.1% in the north.
Published by Globes, Israel business news – en.globes.co.il – on December 15, 2023.
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