The consumer price index jumped by 0.8%, apartment prices rose

The consumer price index jumped by 0.8%, apartment prices rose

Almost everything is getting more expensive: the consumer price index rose in April 2024 by 0.8%. In the last twelve months (April 2024 vs. April 2023), the consumer price index rose by 2.8%.

Notable price increases were recorded in the sections: transportation which increased by 3.4%, clothing which increased by 2.3%, culture and entertainment which increased by 1.6%, housing which increased by 0.6% and food and apartment maintenance which increased by 0.3%, each. Notable price decreases were recorded in the sections: vegetables and fruits which decreased by 1.3% and furniture and home equipment which decreased by 0.5%.

Rent
In the monthly rent, for the tenants who renewed a contract, an increase of 2.3% was recorded and for the new tenants (apartments in the sample where there was a change of tenant) an increase of 2.2% was recorded.

Index of input prices in residential construction
The input price index in residential construction decreased in April 2024 by 0.1% and reached 130.1 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 0.2%. The index of input prices in residential construction without labor wages decreased by 0.3%.

In the last 12 months (April 2024 vs. April 2023), the input price index in residential construction increased by 0.6% due to the increase in labor wages by 1.6%.

The price index of materials and products decreased in April 2024 by 0.4%
Among the materials and products, the prices of imported concrete (by 1.7%), iron for construction (by 1.2%) and iron mesh (by 1.1%) fell in particular. In contrast, the prices of various materials and products increased (by 2.9%), stone (by -1.7%) and gravel (by 1.6%). The wage price index paid for those employed in the industry increased by 0.4% in April 2024.

The price index of industrial output for local destinations
The price index of industrial output for local destinations increased by 1.6% in April 2024 compared to March 2024 and reached a level of 124.1 points compared to 122.2 points in the previous month (base: 2020 average=100.0).

The index without fuels increased by 1.5% in April 2024 compared to March 2024 and reached a level of 116.5 points compared to 114.8 points in the previous month (base: 2020 average=100.0).

In the last 12 months (April 2024 vs. April 2023), the industrial output price index for local destinations increased by 1.6% and the index without fuels increased by 0.9%. This month the prices of computers, electronic and optical equipment (by 3.9%), refined petroleum products (by 2.6%) and food products (by 2.3%) increased. On the other hand, the prices of paper and its products decreased (by 1.1%).

The price index for mining and quarrying for local destinations increased by 1.9% in April 2024 compared to March 2024 and reached a level of 111.7 points compared to 109.6 points in the previous month (base: 2020 average=100.0). In the last 12 months (April 2024 vs. April 2023) the index decreased by 2.1%.

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 February – March 2024 compared to the prices of the transactions carried out in the months of January – February 2024, it was found that the prices of the apartments increased by 0.9%. Segmented by districts, the following price changes were recorded: Jerusalem (0.8%), North (0.8%), Haifa (1.7%), Center (-0.5%), Tel Aviv (2.2%) and South (0.6%). The prices of new apartments increased by 0.5%.

An annual comparison of the prices of the transactions carried out in the months of February – March 2024 compared to the prices of the transactions carried out in the months of February – March 2023 shows that the annual apartment price index increased by 1.1%. In the segmentation by districts, price increases were found in the following districts: Haifa (4.6%), South (4.3%), Jerusalem (1.9%), North (1.0%) and Tel Aviv (0.4%). On the other hand, a drop in prices was found only in Central District (0.4%). The annual new apartment price index decreased by 1.6%.

In the first quarter of 2024, the average price nationwide was 2,233.4 thousand NIS, an increase of 3.1% compared to the average price in the previous quarter (2,166.9 thousand NIS).

The consumer price index

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