Home prices in Israel record sharpest rise in 12 yrs

Home prices in Israel in the June-July period registered a year-on-year increase of 17.9 per cent, the highest in 12 years, the country’s Central Bureau of Statistics reported.

This is the highest since a year-on-year rise of about 20 per cent was registered in June-July 2010, according to Bureau data.

Compared to May-June, home prices in Israel rose by 1.3 per cent, Xinhua news agency quoted the Bureau as saying.

Israel’s year-on-year inflation stood at 4.6 per cent in August, down from 5.2 per cent in July.

The July figure was the highest since October 2008.

Despite the latest decline, the Israeli inflation rate is still far above the government target range of 1-3 per cent.

Israel’s monthly inflation in August decreased by 0.3 per cent, mainly due to a 3.5 per cent decrease in the transportation and communication prices, and of 1.6 per cent in clothing and footwear prices.

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