The Consumer Price Index fell 0.3 percent in November over the previous month’s levels, the Central Bureau of Statistics said. Economists had expected the CPI to fall, but by a lesser amount. This is the first negative CPI since July.
Significant reductions were noted in the prices of fresh fruits and vegetables, which were down 7.3 percent. Culture and entertainment costs fell 0.4 percent, as did prices for public transportation. Clothing prices fell 2 percent. However, there was almost no change in the price of housing – if anything, there was a slight increase of 0.1 percent for home prices in September through October over the levels in August through September. The annual price index for housing is up 2.9 percent this year, which is less than it has been in recent years, but still far higher than the government would like it to be, the CBS said.
The CPI has been up 0.3 percent since the beginning of the year, and the inflation rate for the past 12 months has been the same, the figures showed.