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Cautious optimism: the consumer price index rose by 5.3%, a moderation in the rate of increase in apartment prices | Israel today

2023-01-15T16:33:29.369Z


The Central Bureau of Statistics published the latest index data for 2022 • In line with most expectations: the Central Bureau of Statistics announced this evening (Sunday) that the consumer price index rose by 0.3% in December 2022, thus concluding an annual increase of 5.3% in 2022 - a 15-year record.  For the first time in a long time, there was a decrease in the annual rate of increase in apartment prices, which was 18.8% per year compared to 20.3% - a figure recorde


In line with most expectations:

the Central Bureau of Statistics announced this evening (Sunday) that the consumer price index rose by 0.3% in December 2022, thus concluding an annual increase of 5.3% in 2022 - a 15-year record. 

For the first time in a long time, there was a decrease in the annual rate of increase in apartment prices, which was 18.8% per year compared to 20.3% - a figure recorded last month.

Notable price increases in December were recorded in the sections: transportation by 1.1%, housing and medical services by 0.6% each and apartment maintenance which increased by 0.2%.

Notable price decreases were recorded in fresh fruits and vegetables which decreased by 2.8%, culture and entertainment which decreased by 1.4%, clothing and footwear which decreased by 1.0% and furniture and home equipment which decreased by 0.7%.

The rent section increased by 0.4%.

It should be noted that in the monthly rent, for the tenants who renewed a contract, there was an increase of about 4.4% and for the new tenants (apartments in the sample where there was a change of tenant) there was an increase of about 8.2%.

Notable price increases were recorded in the sections: transportation and communication by 9.2%, housing by 6.3%, apartment maintenance by 5.7% and food by 3.6%.

A price drop of 4.6% was recorded in 2022 in the clothing and footwear section.

Moderation in the rate of increase in apartment prices

From the comparison of the prices of the transactions carried out in the months of October-November 2022 compared to the prices of the transactions carried out in the months of September-October 2022, it was found that the prices of apartments increased by 0.3% and thus completed an increase of 18.8% compared to the corresponding period last year (October-November 2021).

In the segmentation of apartment price changes by district in the months of October - November 2022 compared to the months of September - October 2022, the following price changes were found: Jerusalem (2.4%), North (-0.9%), Haifa (1.9%), Center (-0.6%), Tel Aviv (0.9%) and South (-1.4%).

Compared to the corresponding period last year, October-November 2022, compared to October-November 2021, price increases were recorded in all districts: North (21.7%), Center (21.0%), Haifa (20.1%), Tel Aviv (18.0%), South (16.3 %) and Jerusalem (15.9%).

The main components that led to the increase in the consumer price index are the prices of food, rent and fuel - the price of which per liter increased in December by almost 40 cents.

Last week, Prime Minister Netanyahu and Finance Minister Smotrich presented a plan to deal with the cost of living. As part of it, the intention is to freeze the "inflation generators" (water, electricity, fuel, and property tax). Already now, as a result of the plan's measures, the electricity rate will increase from January by 2.5% instead At 8.2%, the water rate will increase by 1% instead of 3.5%, fuel will be cheaper by 1.3%, and the property tax rate will remain unchanged. Accordingly, the economists have already updated the forecasts for the months of January and February downward.

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Source: israelhayom

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