From the Liveblog of
Tuesday, October 15, 2024
Israel’s inflation rate unexpectedly falls in September
Add ToI as a Preferred Source on GoogleSharon Wrobel is a tech reporter for The Times of Israel
Israeli inflation in September takes a surprise downward turn, led by a decline in the costs of fresh fruit, transportation and foreign travel, data by the Central Bureau of Statistics shows.
Annual inflation over the past 12 months stood at 3.5 percent, down from 3.6% in August after accelerating from 3.2% in July and 2.9% in June.
However, Israel’s annual inflation rate is still above the government’s target range of 1% to 3%.
On a monthly basis, the consumer price index (CPI), a measure of inflation that tracks the average cost of household goods, fell by 0.2% in September, compared with analysts’ expectations of a print of between 0% and 0.1%.
In September, price declines were seen in the costs of transportation, which fell 2.6%. Foreign travel dropped 16.7%, culture and entertainment was down by 1.3%, clothing and footwear decreased by 1.2%, and fresh fruit by 1.1%, according to the statistics bureau. These were offset by price increases in the costs of fresh vegetables, which rose by 6.7%. Educational services edged up by 1.3%, and furniture and home equipment rose by 0.6%.
In the real estate market, rents on renewal of contracts rose by 2.4% and rents on contracts for new tenants jumped by 4.1%.
The Times of Israel Community.