Consumer prices increased 0.5% in March, data shows

Consumer prices increased in March, with Israelis facing higher costs for a range of goods and services, led by a rise in clothing, entertainment, travel, and housing costs, data by the Central Bureau of Statistics shows.

On a monthly basis, the consumer price index (CPI) — a measure of inflation that tracks the average cost of household goods — rose by 0.5 percent, after remaining unchanged in February, and rising 0.6% in January mainly due to tax increases.

The March reading takes annual inflation over the past 12 months to 3.3% from 3.4% in February and 3.8% in January. The government’s target range for annual inflation is between 1% to 3%.

In March, increases were seen in the costs of clothing and footwear, which rose 2.2%; culture and entertainment added 1.5%; and fresh fruit prices were up 1.3%. Travel costs, including flights within Israel and abroad, rose 1.7%; and prices of hotel stays jumped 6.5%, according to the statistics bureau.

These were offset by price declines in the costs of furniture and home equipment and communication services, which declined 0.4% each.

In the real estate market, rents on renewal of contracts rose 2.8% and rents on contracts for new tenants jumped 3.7%.