The consumer price index in Israel rose by 1.1% in the month of July, bringing the country's annual inflation rate to 5.2%, the Central Bureau of Statistics (CBS) reported on Monday.
This brings inflation in Israel to its highest point since 2008 although this stat remains among the lowest in Western countries.
The CBS also reported that housing prices increased by 2% between May and June 2022, completing a whopping 17.8% increase compared to the same time last year.
The Construction cost index rose by 0.5% in July 2022, capping a 6.8% hike over the past 12 months, which is expected to push already-high housing prices further up.
The report notes the situation does not seem any brighter for renters as Israelis who have renewed their contracts over the past year have reported their increasing by 3.5%-7%.