Increase in the consumer price index – all the details

The consumer price index was published today (Monday). In March 2024, the index rose by 0.6%. In the last twelve months – March 2024 compared to March 2023 – the consumer price index increased by 2.7%. Notable price increases were recorded in the sections: Miscellaneous which increased by 3.5%, clothing and footwear which increased by 2.0%, culture and entertainment which increased by 1.5%, housing which increased by 0.6%, health which increased by 0.5% and transportation which increased by 0.4%.

On the other hand, notable price decreases were recorded in the fresh fruit and vegetable sections, which decreased by 3.0%. In the monthly rent, for the tenants who renewed a contract, an increase of 2.7% was recorded and for the new tenants in the apartments in the sample where there was a change of tenant, an increase of 2.6% was recorded.

The input price index in residential construction rose in March 2024 by 0.2% and reached 130.2 points compared to 129.9 points in the previous month. Since the beginning of the year, this index has increased by 0.3%. The index of input prices in residential construction without labor wages increased by 0.2%.

In the last twelve months – March 2024 compared to March 2023 – the index of input prices in residential construction increased by 1.0% due to the increase in the prices of labor wages by 1.8% and the index without labor wages by 0.4%. The material and product price index remained unchanged in March 2024.

Among the materials and products, the prices of wood for construction rose by 2.6%, wall and floor tiles and conductors by 1.6% each, other quarry materials by 1.3%, and elevators by 1.2%. In contrast, the prices of iron nets decreased by 2.3%, air conditioning products by 2.0%, iron for construction by 1.4%, and stone by 1.1%. The wage price index paid for those employed in the industry increased by 0.2% in March 2024.

The price index of industrial output for local destinations decreased in March 2024 by 0.1% and reached a level of 122.2 points compared to 122.3 points the previous month. In particular, textile prices fell by 1.4%, food products by 1.2% and metal products by 2.1%. In contrast, clothing prices rose by 24.5% and refined petroleum products by 2.1%.

The index without fuels decreased in March 2024 by 0.4% and reached the level of 114.8 points compared to 115.3 points in the previous month. The price index of mining and quarrying for local destinations increased in March 2024 by 1.0%. In the last twelve months – March 2024 compared to March 2023 – this index decreased by 1.3%.

Change in the prices of the apartment market that is not part of the consumer price index: from the comparison of the prices of the transactions carried out in the months of January 2024 – February 2024 compared to the prices of the transactions carried out in the months of December 2023 – January 2024, it was found that the prices of the apartments increased by 1.0%. Segmented by districts, price increases were recorded in all districts: Jerusalem (0.7%), North (-0.2%), Haifa (1.3%), Center (0.5%), Tel Aviv (2.1%) and South (0.4%). The prices of the new apartments remained unchanged.

An annual comparison of the prices of the transactions carried out in the months of January 2024 – February 2024 compared to the prices of the transactions carried out in the months of January 2023 – February 2023 shows that the annual apartment price index increased by 0.3%. In the segmentation by districts, price increases were found in the districts: Haifa 4.4%, South 3.6%, Jerusalem 2.1% and North 0.9%, on the other hand, price decreases were found in the Central District by 0.5%. The annual new apartment price index decreased by 2.1%, the monthly index remained unchanged.