April CPI higher than expected

Inflation credit: Tali Bogdanovsky
Inflation credit: Tali Bogdanovsky

Annual inflation in Israel is back on the rise, while housing prices rose for the fourth consecutive month.

Israel’s Consumer Price Index (CPI) rose 0.8% in April, higher than the economists' expectations of 0.6%. In the twelve months to the end of April, the rate of inflation rose to 2.8% from 2.7% at the end of March, according to figures released by the Central Bureau of Statistics today.

The prices of transport rose 3.4% in April, clothing prices rose 2.3%, culture and entertainment prices rose 1.6%, housing maintenance rose 0.3%, and food prices rose 0.3%.

Prominent price declines in April included fresh fruit and vegetable, which fell 1.3% and furniture and household equipment, which fell 0.5%.

The Central Bureau of Statistics has also published the change in home prices (which are not part of the general CPI) between January-February 2024 and February-March 2024. On average, prices rose 0.9%. This was the fourth consecutive month that prices have risen after many months of declines. In the breakdown by region, prices rose by 0.8% in Jerusalem, by 0.8% in the north, and by 1.7% in Haifa. Prices fell 0.5% in the center, but rose 2.2% in Tel Aviv, and by 0.6% in the south. Prices of new rose 0.5%.

In the comparison between February-March 2024 and February-March 2023, the index of housing prices rose 1.1%. In the breakdown by region, prices rose by 4.6% in Haifa, 4.3% in the south, 1.9% in Jerusalem, 1% in the north and 0.4% in Tel Aviv. Prices fell by 0.4% in the central region. The index of new home prices fell 1.6%.

Published by Globes, Israel business news - en.globes.co.il - on May 15, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Inflation credit: Tali Bogdanovsky
Inflation credit: Tali Bogdanovsky
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