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Israel's inflation drops to 3.2% in December as fresh produce and travel costs decline

In Israel, the inflation rate experienced a downturn in December, influenced by a reduction in the costs associated with fresh fruit and vegetables, alongside declines in transportation and foreign travel expenses, as reported by the Central Bureau of Statistics.

The annual inflation rate for the preceding 12 months registered at 3.2 percent, a slight decrease from November's 3.4 percent. This rate, however, remains above the government's desired threshold, which is set between 1% and 3%.

On the monthly scale, the consumer price index (CPI), which serves as a barometer for the average price changes in household goods, saw a decrement of 0.3% following a 0.4% decrease in November and a 0.5% increase in October. This decline in December was more pronounced than the anticipated 0.1% forecasted by analysts.

Notably, the sector of fresh fruit and vegetables observed a price contraction of 5.6%. Additionally, costs in culture and entertainment receded by 2%, transportation expenses diminished by 0.8%, and travel costs, inclusive of flights both within Israel and internationally, decreased by 2.9%. The hotel industry also saw a significant reduction in prices, with a 9.2% decline.

Contrastingly, the apparel sector recorded a price increase of 1.9%. In the housing market, the renewal of rental contracts saw a 2.6% rise, while new rental agreements experienced a 4% escalation in costs.

Source: The Times of Israel

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