The Consumer Price Index, published today (Monday) by the Central Bureau of Statistics, increased in March by 0.6%, and continues the upward trend from the previous month after a general downward trend since April 2023. The increase is slightly above the expectation, which was 0.5%. In the last 12 months (March 2024 vs. March 2023), the consumer price index increased by 2.7%.
Notable price increases were recorded in miscellaneous items – 3.5%, clothing and footwear – 2%, culture and entertainment – 1.5%, housing – 0.6%, health – 0.5% and transportation by 0.4%. Notable price decreases were recorded in the prices of fresh vegetables and fruits which decreased by 3%.
The price index for the month of March 2024 (graphic: Central Bureau of Statistics)
In the monthly rent, for tenants who renewed a contract, there was an increase of 2.7%, and for new tenants there was an increase of 2.6%.
The input price index in residential construction increased in March 2024 by 0.2%. 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 vs. March 2023), the input price index in residential construction increased by 1.0% due to the increase in labor wage prices by 1.8% and the non-wage index 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 (by 2.6%), wall and floor tiles and conductors (by 1.6% each), other quarry materials (by 1.3%) and elevators (by 1.2%) increased in particular. In contrast, the prices of iron nets (by 2.3%), air conditioning products (by 2.0%), iron for construction (by 1.4%) and stone (by 1.1%) decreased.
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 by 0.1%. The prices of textiles (by 1.4%), food products (by 1.2%) and metal products (by 2.1%) fell especially. In contrast, the prices of clothing (by 24.5%) and refined petroleum products (by 2.1%) increased.
The index without fuels decreased in March 2024 by 0.4% and reached a 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 vs. March 2023) this index decreased by 1.3%.
In addition to the price index, the Central Bureau of Statistics also published the apartment market prices. 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.
The housing price index for the month of March 2024 (graphic: Central Bureau of Statistics)
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%. When segmented by districts, price increases were found in the following districts: Haifa (4.4%), South (3.6%), Jerusalem (2.1%) and North (0.9%). On the other hand, price decreases were found in the following districts: Tel Aviv (1.8%) and Central (0.5%).
The annual new apartment price index decreased by 2.1%, the monthly index remained unchanged).
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