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Inflation, Housing Prices Rose in April

This wave of inflation was largely due to an increase in the cost of clothing, transportation, and culture and entertainment | In the first quarter of 2024, the average apartment price was 2.23 million shekels ($607,000)

אנשים מצטיידים בסופר בתל אביב בחרבות ברזל (צילום: אבשלום ששוני/פלאש90)
A shopper stocks up on water at a supermarket in Tel Aviv. (Photo: Avshalom Sashoni/Flash90)
By Davar

Inflation increased last month more than was expected, according to a report from the Central Bureau of Statistics. The consumer price index, which measures the change over time in the price of consumer goods, rose by 0.8%, higher than the 0.6% rise that was predicted. In the last twelve months, the consumer price index rose by 2.8%, compared to an expected 2.5%.

Notable price increases were recorded in the following categories: transportation (3.4%), clothing (2.3%), culture and entertainment (1.6%), housing (0.6%) and groceries (0.3%).

Price decreases were recorded in produce, which fell by 1.3%, and furniture and household goods, which fell by 0.5%.

The price of rent also rose, with tenants who renewed a contract experiencing a rent increase of 2.3% and new tenants experiencing an increase of 2.2% compared to the apartment’s previous tenant.

The Price Index of Inputs in Residential Building, which measures the cost of constructing new apartments, decreased in April 2024 by 0.1%. Since the beginning of the year, this index has increased by 0.2%. Excluding the price of labor, the cost of building a new apartment decreased by 0.3%.

Apartment prices increased by 0.9% in the first quarter of this year.

Split up by district, the following changes in price were recorded: Jerusalem (0.8%), northern Israel (0.8%), Haifa (1.7%), central Israel (-0.5%), Tel Aviv (2.2%) and southern Israel (0.6%). On average, the prices of new apartments increased by 0.5%.

Across Israel, the annual apartment price index increased by 1.1% this year. By district, the following price increases were recorded: Haifa (4.6%), southern Israel (4.3%), Jerusalem (1.9%), northern Israel (1.0%) and Tel Aviv (0.4%). In contrast, there was a drop in prices in central Israel (0.4%). The annual price index for new apartments decreased by 1.6%.

In the first quarter of 2024, the average apartment price nationwide was 2.23 million shekels ($607,000), an increase of 3.1% compared to the average price in the previous quarter of 2.17 million shekels ($591,000).

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