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Unexpectedly low December CPI reading cuts 2024 inflation

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The Israeli CPI fell 0.3% in December, more than expected with analysts expecting a 0.1% decline, after the CPI rose 0.5% in October. In the twelve months of 2024, the inflation rate fell to 3.2%, from 3.4% at the end of November, according to figures released by the Central Statistics Office today. However, inflation ended 2024 slightly above the upper end of the Bank of Israel’s annual target range of 3%.







Notable price declines in December included fresh fruit and vegetables, down 5.6%, culture and leisure down 2%, and footwear and transportation down 0.8%.

Notable price increases in December included clothing, which rose 1.9%, health, which rose 0.4%, housing maintenance, which rose 0.3%, and food, which rose 0.2%.

The Central Bureau of Statistics also published the change in house prices (which are not part of the general CPI) between September-October 2024 and October-November 2024. On average, prices rose by 0.6%, after rising by 0.5% in the previous month. Distribution by region, prices increased by 0.4% in Jerusalem, 0.4% in the north, 0.3% in Haifa, 0.4% in the center, 1.2% in Tel Aviv, and 0.2% in the south. The prices of the new apartments have not changed.

In comparing October-November 2024 and October-November 2023, the housing price index increased by 7.8%. Distribution by region, prices increased by 11.7% in Haifa, 10.2% in the north, 7.9% in the central region, 8.8% in Tel Aviv, 5.2% in the south, and 0.6% in Jerusalem. Prices of new apartments increased by 4.2% over the past year.

Published by Globes, Israel Business News – en.globes.co.il – on January 15, 2025.

© Copyright Globes Publisher Itonut (1983) Ltd., 2025.


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