A 0.2% increase in the consumer price index in May 2024

A 0.2% increase in the consumer price index in May 2024

The consumer price index increased in May 2024 by 0.2%. In the last twelve months (May 2024 vs. May 2023), the consumer price index rose by 2.8%.

Notable price increases were recorded in the sections: fresh fruit which increased by 10.3%, clothing and footwear which increased by 2.2%, food and culture and entertainment which increased by 1.0%, each, miscellaneous which increased by 0.5% and housing and furniture and home equipment which increased by 0.4%, Each. Notable price decreases were recorded in the sections: fresh vegetables which decreased by 2.4% and transportation which decreased by 1.7%.

Rent
In the monthly rent, for the tenants who renewed a contract, an increase of 2.5% was recorded and for the new tenants (apartments in the sample where there was a change of tenant) an increase of 3.7% was recorded.

Index of input prices in residential construction

The input price index in residential construction increased in May 2024 by 0.5% and reached 130.7 points compared to 130.1 points in the previous month (base: July 2011 = 100.0 points). Since the beginning of the year, this index has increased by 0.7%. In the last 12 months (May 2024 compared to May 2023), the input price index in residential construction increased by 1.2% due to the increase in labor wages by 1.9% and equipment and car rental by 3.3%. The price index of materials and products increased in May 2024 by 0.5%.

Among the materials and products, the prices of paints (by 4.2%), iron nets (by 2.9%), construction iron (by 1.6%), wall and floor tiles (by 1.2%) and faucets, batteries and various accessories (by 0.9 %). In contrast, the prices of cement (by 3.0%) and outdoor facilities (by 0.9%) decreased. The wage price index paid for those employed in the industry increased by 0.4% in May 2024.

Producer price indices in industry and service sectors

The price index of industrial output for local destinations decreased by 0.1% in May 2024 and reached a level of 124.0 points compared to 124.1 points in the previous month (base: 2020 average=100.0). The index without fuels increased by 0.1% in May 2024 and reached a level of 116.6 points compared to 116.5 points in the previous month (base: 2020 average=100.0).

In the last 12 months (May 2024 vs. May 2023), the industrial output price index for local destinations increased by 2.4% and the index without fuels increased by 1.2%. This month the prices of refined petroleum products decreased (by 1.2%). On the other hand, the prices of paper and its products (by 1.2%) and basic metals (by 3.4%) increased.

The export price index in industry, mining and quarrying decreased by 3.5% in the first quarter of 2024 and reached a level of 123.0 points compared to 127.4 points in the previous quarter (base: 2021 average=100.0 points). In the first quarter of 2024, the prices of advertising services increased by 16.0%, employment services by 3.7% and accounting services by 1.4%. In contrast, the prices of legal services decreased by 1.3% and publishing services of books and periodicals by 1.3%.

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 March – April 2024 compared to the prices of the transactions carried out in the months of February – March 2024, it was found that: apartment prices increased by 0.9%. Segmented by district, the following price changes were recorded: Jerusalem (0.8%), North (0.5%), Haifa (1.6%), Center (0.6%), Tel Aviv (1.1%) and South (0.9%). The prices of new apartments increased by 0.9%.

An annual comparison of the prices of the transactions carried out in the months of March – April 2024 compared to the prices of the transactions carried out in the months of March – April 2023 shows that: the annual apartment price index increased by 2.1%. When segmented by districts, price increases were found in all districts: Haifa (6.6%), North (3.7%), South (3.6%), Jerusalem (1.9%), Center (1.9%) and Tel Aviv (0.1%). The annual new apartment price index decreased by 0.3%.

The consumer price index

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