Consumer prices dip in May as home prices fall, rents keep rising
Israel’s consumer price index fell 0.3% in May from April, leaving annual inflation unchanged at 1.9%. The biggest monthly declines were in fresh fruit, down 4.9%, and transportation, down 2.7%, while clothing rose 1.9% and cultural events increased 1.1%.
The housing market showed a mixed picture. Average apartment prices across Israel fell 0.3%, with the sharpest drop in Jerusalem, down 2%. Prices also fell in Haifa by 1.9%, in the Southern District by 0.9% and in the Northern District by 0.2%.
By contrast, prices rose in the country’s main demand centers. In the Central District, home prices increased 0.2%, and in Tel Aviv they climbed 0.7%.
The rental market remained far hotter than the purchase market. Tenants renewing existing leases in the same apartment faced rent increases of 2.5%, while new tenants saw rents jump 6.8% compared with the previous renters.
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