The consumer price index rose by 2.5% last year



The consumer price index rose in February 2024 by 0.4%. In the last twelve months (February 2024 vs. February 2023), the consumer price index rose by 2.5%.

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Notable price increases were recorded in the sections: fresh fruit which increased by 10.7%, footwear which increased by 1.4%, culture and entertainment which increased by 1.2%, miscellaneous which increased by 1.0%, apartment maintenance which increased by 0.9%, food, furniture and household equipment and transportation which increased by 0.7%, each.

Notable price decreases were recorded in the sections: clothing which decreased by 2.5% and housing services owned by the tenants which decreased by 0.6%.

Rent

In the monthly rent, for the tenants who renewed a contract, an increase of 3.0% was recorded and for the new tenants (apartments in the sample where there was a change of tenant) an increase of 4.5% was recorded.

Input price index in residential construction

The input price index in residential construction decreased in February 2024 by 0.2% and reached 129.9 points compared to 130.2 points in the previous month (base: July 2011 = 100.0 points). Since the beginning of the year, this index has increased by 0.1%.

The index of input prices in residential construction without labor wages decreased by 0.5%.

In the last 12 months (February 2024 vs. February 2023), the input price index in residential construction rose by 1.0% due to the increase in index prices without labor wages by 0.6% and in labor wage prices by 1.6%.

The price index of materials and products decreased in February 2024 by 0.7%.

Among the materials and products, the prices of construction iron (by 4.0%), imported concrete (by 2.2%), mortar (by 1.9%), iron mesh (by 1.2%) and stone (by 1.0%) fell in particular.
On the other hand, the prices of wood for construction (by 2.1%) and elevators (by 1.3%) increased.

The wage price index paid for those employed in the industry increased by 0.2% in February 2024.

The price index of industrial output for local destinations and the price indices of industrial exports and service industries

The price index of industrial output for local destinations increased by 0.3% in February 2024. This month the prices of refined petroleum products increased (by 4.8%). On the other hand, the prices of textiles (by 1.0%), basic metals (by 1.7%) and metal products (by 2.9%) fell this month.

The CPI without taxes fell by 0.3% this month.

The price index of industrial exports (including mining and quarrying) increased by 2.3% in the fourth quarter of 2023 and in 2023 it increased by 3.7%.

In the fourth quarter of 2023, the prices of book and periodical publishing services increased by 3.4% and legal services by 1.1%. In contrast, the prices of management consulting services decreased by 0.7%, accounting services by 2.5%, employment services by 3.2% and advertising services by 22.4%.

In 2023, the prices of legal services increased by 7.3%, book and periodical publishing services by 6.4%, management consulting services by 4.0%, guarding, security and investigation services by 3.9%, accounting services by 1.4% and cleaning services remained unchanged. In contrast, employment services decreased by 0.1% and advertising services by 18.6%.

Change in housing market prices (not part of the consumer price index)

From the comparison of the prices of the transactions carried out in the months of December 2023 – January 2024 compared to the prices of the transactions carried out in the months of November – December 2023, it was found that the prices of the apartments increased by 1.2%. Segmented by districts, price increases were recorded in all districts: Jerusalem (1.4%), North (1.1%), Haifa (1.5%), Center (1.1%), Tel Aviv (1.1%) and South (1.8%). The prices of new apartments increased by 0.4%.

An annual comparison of the prices of the transactions carried out in the months of December 2023 – January 2024 compared to the prices of the transactions carried out in the months of December 2022 – January 2023 shows that the annual apartment price index decreased by 0.6%. When segmented by districts, price increases were found in the following districts: North (3.8%), Haifa (2.9%), South (1.6%) and Jerusalem (1.1%). On the other hand, price decreases were found in the following districts: Tel Aviv (3.7%) and Central (1.1%). The annual new apartment price index decreased by 2.2%.

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