May CPI reading lower than expected

Inflation credit: Tali Bogdansky
Inflation credit: Tali Bogdansky

The Consumer Price Index rose by just 0.2% in May, bringing the annual rate of inflation down to 4.6%.

Israel’s Consumer Price Index (CPI) reading for May was lower than expected. The index had been expected to show a rise of 0.5%, but in the event it rose by just 0.2%. The annual rate of inflation fell to 4.6%, the lowest since September 2022.

The residential rents item rose by 0.4%.

The Residential Construction Inputs Index fell by 0.1% in May 2023. In the twelve months to the end of May, the index rose by 2.5%.

The Home Price Index shows that in March-April 2023 prices of new and secondhand homes fell by 0.2% in comparison with February-March 2023. In the breakdown by region, prices were flat in Jerusalem and rose by 1.3% in Tel Aviv, by 0.2% in Haifa, and by 1.4% in the south. Prices fell by 1.3% in the north and by 1.9% in the central region.

The Home Price Index was up 9.8% March-April 2023 in comparison with March-April 2022. The index of new home prices rose by 10.3% in that period.

Published by Globes, Israel business news - - on June 15, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Inflation credit: Tali Bogdansky
Inflation credit: Tali Bogdansky
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