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Inflation Hits 10-year High in Israel as CPI, Housing Prices Edge Up

January 17, 2022

by: Sonia Gorodeisky ~ Israel Hayom via JNS

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Monday, 17 January 2022 | Inflation in Israel hit its highest rate in 10 years in 2021, and at 2.8% is edging closer to the 3% projection set by the Bank of Israel.

The Central Bureau of Statistics said on Thursday that the Consumer Price Index rose by 0.3% in December 2021, exceeding analysts’ projections of 0.1–0.2%.

Overall, the CPI rose by 2.8% across 2021—within the central bank’s target range for inflation of between 1% and 3%. The CBS said that significant price hikes were noted in December in apparel (1.1%), housing costs (0.8%), furniture and household equipment (0.7%) and foods (0.5%).

The price of fresh produce dropped by 2.7%, as did personal expenditure for culture and entertainment (0.8%).

The CBS further noted a 1.4% rise in the Housing Price Index during October and November.

Overall, housing prices rose by 10.6% over the past 12 months, and by 18% since January 2019.

Preliminary data released by the Bank of Israel further said that Israelis took a record NIS 116 billion (US $37 billion) in mortgages in 2021.

The figure is 50% higher than in 2020, financial daily Globes reported.

While rising prices are bad news for all Israelis, it is particularly crushing to those who already struggle to keep their heads above water. For poverty-stricken Israelis, the spiraling CPI has dealt a devastating blow to the bottom line, sending the cost of necessities like food, clothing and rent soaring. This spells tough choices for many: will they feed their families or pay the rent? Food or shelter? Staying warm in the winter cold or putting food in empty bellies? Bridges for Peace reaches out a hand of hope to these Israelis to ensure that they do not have to make the heartbreaking choice. We put food on empty tables to relieve the burden and help the needy through these challenging times. Will you help us help them? Your generous donation to our Food Project can mean a world of difference to Israelis in need. 

Posted on January 17, 2022

Source: (This article was originally published by Israel Hayom via the Jewish News Syndicate on January 16, 2022. Time-related language has been modified to reflect our publication today. See original article at this link.)

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