Home prices in Israel record sharpest rise in 12 years

JERUSALEM, Sept. 15 (Xinhua) -- Israel's home prices in the June-July period registered a year-on-year increase of 17.9 percent, the country's Central Bureau of Statistics reported on Thursday.

This is the highest rise in 12 years in Israel's home prices, since a year-on-year rise of about 20 percent was registered in June-July 2010, according to bureau data.

Compared to May-June, home prices in Israel rose by 1.3 percent, the bureau added.

Israel's year-on-year inflation stood at 4.6 percent in August, down from 5.2 percent 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 percent.

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