Israel’s consumer price index (CPI) rose 0.5% in October, as expected, after falling 0.2% in September. Inflation in the 12 months to the end of October 2024 will remain at 3.5%, the same as at the end of September, according to figures released today by the Central Statistics Office. Since the start of 2024, the CPI has increased by 3.9%. As a result, inflation remains well above the 3% upper end of the Bank of Israel’s annual target range.
Major price increases in October included international travel, up 17.2%, footwear, up 2%, clothing, up 4%, car insurance, up 0.9%, and transportation, up 1.9%.
Major price declines in October included hotels, which fell 4.2%, and motor fuels and oil, which fell 1.8%.
The Central Bureau of Statistics also publishes changes in house prices (not included in the general CPI) from July to August 2024 and from August to September 2024. On average, prices fell by 0.1%. This was the first decline after nine consecutive months of increases. By region, Jerusalem fell by 0.7%, but the north rose by 1.2%, Haifa rose by 0.9%, Central fell by 0.7%, Tel Aviv fell by 0.1%, and the north rose by 0.4%. South. Prices for new condominiums rose 0.1%.
Comparing August-September 2024 with August-September 2023, the house price index increased by 6.1%. By region, prices rose by 10.8% in Haifa, 7.2% in the central region, 6.6% in the north, 6.3% in the south, 4.7% in Jerusalem, and 3.8% in Tel Aviv. Prices for new condominiums have increased by 3% over the past year.
Published by Globes, Israel Business News – en.globes.co.il – on November 15, 2024.
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