Prices of consumer goods and services in 2024 were on average 3.3% higher than in 2023, as reported by CBS. In 2023, inflation was 3.8%. Inflation is measured based on the change in the consumer price index (CPI) compared to the previous year. The price developments in housing and tobacco contributed the most to inflation in 2024.

The price of housing significantly contributed to the 2024 inflation. The housing prices were on average 3.7% higher than in 2023. In 2023, the price increase was 2.5%. Tobacco products also had a significant impact, with a 29.0% price increase in 2024, primarily due to tax increases in April 2024.