The cost of consumer goods has risen 4.1% over the past year as house prices continue to climb

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The cost of consumer goods in Israel rose 0.6% during the month of May as housing prices continued to soar, according to data released Wednesday by the Central Bureau of Statistics.

The consumer price index, a measure of inflation, tracks the average cost of household goods. Its rise last month was slightly lower than economists’ forecast of 0.7 to 0.8%, although inflation continued to climb.

Inflation for the past 12 months was 4.1%, above the Bank of Israel’s target range of 1-3%. The bank’s interest rate is 0.75% and will be reassessed next month.

Prices have risen 2.8% since the start of 2022. May’s overall increase was similar to April’s, the Central Bureau of Statistics said.

In May, the cost of fresh fruit jumped 13.8%, that of clothing and footwear by 2.2%, that of food other than fruit and vegetables by 0.9% and that of culture and entertainment by 0.8%. Fresh vegetables fell by 0.7%.

House prices rose 0.9% in May, marking a slight decline in the rate of growth in recent months, but jumped 15.4% in the past year.

Outrage over the rising cost of living has grown steadily, a decade after Israel last experienced widespread social unrest over it.

Data released on Tuesday showed a sharp decline in new home sales in Israel in recent months, indicating that rising interest rates and new purchase taxes could help calm the country’s overheated housing market .

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