Housing prices in Israel up 16.3% over past year, according to stats bureau

Housing prices in Israel have surged by 16.3 percent in the past year, according to a report released today by the Central Bureau of Statistics, the biggest uptick the country has seen since 2010.

The months of February and March saw housing prices climb 1.9%, the data show.

Governments have long promised to lower ever-climbing housing prices for over a decade. The sky-high costs have put home ownership out of the reach of many Israelis, hurting the middle class.

The statistics bureau also reports that the consumer price index rose by 0.8% in April. The index is up 2.3% since the start of the year and 4% over the past year.

The CPI measures the average cost of household goods. Notable rises were seen in fresh vegetables and fruits (5.5%), clothing and footwear (2.8%), transportation (2.3%), and culture and entertainment (1.5%).

However, communication costs dipped 1.2%, according to the data.