In line with expectations:
in November 2022, the consumer price index rose by 0.1%.
Since the beginning of the year, the consumer price index has increased by 5% and in the last year it increased by 5.3%.
This is an acceleration of the annual inflation rate from 5.1% in October, this is the highest rate of inflation in the last 14 years, the Central Bureau of Statistics reported today (Thursday).
The data also shows that the real estate market in Israel continues to heat up, the annual rate of increase has accelerated to 20.3% in the year compared to 19.8% in the previous month. This, despite the interest rate increases by the Bank of Israel which succeeded in reducing the number of transactions in the market but not the price level.
The housing market is boiling, photo: Oren Ben Hakon
According to the CBS data, notable price increases were recorded in the categories: housing which increased by 0.6%, apartment maintenance which increased by 0.3% and food which increased by 0.2%. Notable price decreases were recorded in the categories: fresh vegetables and fruits which decreased by 4.3%, footwear which decreased by 1.5% and furniture and home equipment that decreased by 0.3%.
The rent has gone up
The rent section without public rent increased by 0.5%.
It should be noted that in the monthly rent, for the tenants who renewed a contract there was an increase of about 4.2% and for new tenants (apartments in the sample where there was a change of tenant) there was an increase of about 8.1%.
Change in housing market prices
From the comparison of the prices of the transactions carried out in the months of September-October 2022 compared to the prices of the transactions carried out in the months of August-September 2022, it was found that the prices of apartments increased by 1.2% and thus completed an increase of 20.3% compared to the corresponding period last year (September-October 2021).
It should be noted that this is the highest annual price increase in a decade.
In the segmentation of apartment price changes by district in the months of September - October 2022 compared to the months of August - September 2022, the following price changes were recorded: Jerusalem (-0.1%), North (1.2%), Haifa (1.1%), Center (1.9%), Tel Aviv (1.1%) and South (1.6%).
0.1% decrease in prices.
Jerusalem, photo: lowshot.com Ilan Arad
Compared to the corresponding period last year, September-October 2022, compared to September-October 2021, price increases were recorded in all districts: Central (22.5%), North (22.5%), Tel Aviv (19.9%), Haifa (19.9%), South (18.7 %) and Jerusalem (16.6%).
The average analyst forecast was for an increase of 0.1% in the price index (5.3% in the last year).
Input price index in residential construction
The residential construction input price index decreased by 0.2% in November 2022.
Since the beginning of the year, the index has increased by 4.8%.
In the last 12 months (November 2022 compared to November 2021), the input price index in residential construction increased by 5.0%, due to the increase in the prices of materials and products by 9.3%, the rental of car equipment by 5.1% and the prices of labor wages by 1.0%.
Among the materials and products, the prices of finished products made of wood and other materials (by 4.8%), wall and floor tiles (by 2.4%), wood for construction (by 2.3%), marble (by 1.9%) and outdoor facilities ( by 0.9%).
On the other hand, the prices of elevators increased (by 1.5%) and the prices of concrete blocks, maitung and gypsum and other concrete products (by 1.0% each)
. The wage price index paid for those employed in the industry increased by 0.1% in the month of November 2022.
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