Israel’s Consumer Price Index (CPI) unexpectedly fell 0.2% in September, while analysts had predicted it would remain unchanged. In the twelve months to the end of September 2024, the rate of inflation has fallen slightly to 3.5% from 3.4% at the end of August, according to figures released by the Central Bureau of Statistics today. Thus inflation still remains well above the Bank of Israel's annual target range upper limit of 3%.
Prominent price declines in September included transport, which fell 2.6%, culture and entertainment, which fell 1.3%, clothing and footwear, which fell 1.2%, and fresh fruit, which fell 1.1%.
Prominent price rises in September included fresh vegetables, which rose 6.7%, education services, which rose 1.3%, and home furnishing and equipment, which rose 0.6%.
The Central Bureau of Statistics has also published the change in home prices (which are not part of the general CPI) between June-July 2024 and July-August 2024. On average, prices rose 0.3%. This was the ninth consecutive month that prices have risen, after many months of declines before that. In the breakdown by region, prices fell by 0.5% in Jerusalem, but rose 0.4% in the north, rose by 1.6% in Haifa, 0.4% in the center, and 0.1% in Tel Aviv, and by 0.3% in the south. Prices of new apartments rose 1.3%.
In the comparison between July-August 2024 and July-August 2023, the index of housing prices rose 6.3%. In the breakdown by region, prices rose by 10.2% in Haifa, 8.8% in the central region, 6.3% in the north, 5.7% in the south, 5.1% in Jerusalem, and 3.3% in Tel Aviv. Prices of new apartments have risen by 3.2% over the past year.
Published by Globes, Israel business news - en.globes.co.il - on October 15, 2024.
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