The consumer price index for June recorded no change from the previous month, according to data released Wednesday. Apartment prices fell 1% in June, the steepest monthly decline in eight years, with the annualized rate at 2%.
The June consumer price index (CPI) remained unchanged from the previous month, according to data released Wednesday evening. The flat reading comes as apartment prices recorded their steepest monthly decline in eight years, falling 1% in June compared to the prior month. The annualized rate of decline in housing prices stands at 2%.
The data, reported by N12, indicates that the housing market is cooling sharply after a period of moderate declines. In March-April, apartment prices fell 0.3%, as The Zioneer reported in June. The broader inflation picture has been stable, with the annual rate at 1.9% in the most recent reading, within the Bank of Israel's 1-3% target. The central bank governor has previously signaled a potential rate cut, a move that could be influenced by the continued moderation in housing costs.
The unchanged CPI, combined with the sharp drop in apartment prices, strengthens the case for a looser monetary policy, though the Bank of Israel will weigh global inflation trends as well.
4 developments
- DevelopingSmotrich criticizes Bank of Israel governor over 'minimal' rate cut
- StrongAnnual inflation steadies at 1.9% after governor signals rate-cut easing
- DevelopingAnalysts assess Bank of Israel will cut interest rate by quarter point tomorrow
- StrongBank of Israel Cuts Rate to 3.5%, Warns Recovery Depends on No Renewed Fighting
Source and signal
- Internal intake