Israel’s annual inflation unchanged, home prices up 3.9 percent

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Israel’s annual inflation over the past 12 months has not changed, while home prices have risen by 3.9 percent, according to a statement released Tuesday by the state’s Central Bureau of Statistics.

The 0 percent inflation rate is significantly lower than the annual government inflation target, ranging from 1 to 3 percent.

The bureau’s figures also show that Israel’s consumer price index (CPI), a primary indicator of inflation, increased by 0.4 percent in March month on month, after registering a 0.1 percent decrease in February.

March’s figure was mainly due to an increase in the prices of clothing and footwear, fresh fruit and food in general.

Over the past year, home prices in Israel rose by 3.9 percent, despite comprehensive government programs to stop the prolonged price increase.

Israeli economists estimated that the coronavirus pandemic will not affect housing prices in Israel.

Due to the pandemic crisis, housing starts shortage is expected in Israel, causing prices to rise. However, many people will not afford buying new homes, so contractors would have to compromise on prices. Enditem

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