Gaza City: After fourteen months of ongoing Israeli aggression on the Gaza Strip, the Consumer Price Index (CPI) has surged by 522%, as reported by the Palestinian Central Bureau of Statistics (PCBS). The overall CPI for Palestine during December 2024 saw a sharp increase of 2.97% compared to November 2024, with the Gaza Strip experiencing a 5.53% rise. Conversely, the CPI decreased by 0.96% in the West Bank and by 0.29% in Jerusalem J1.
According to Palestine News and Information Agency - WAFA, the changes in the Palestinian CPI during December 2024 were primarily driven by fluctuations in the prices of various expenditure subgroups. Notable increases were observed in tea, which rose by 97.29%, and bread - kmaj, which increased by 72.77%. Other significant price hikes included salt at 48.11%, coffee at 36.29%, and pasta products at 19.38%. Meanwhile, prices for eggs and dried vegetables decreased by 51.81% and 29.09%, respectively.
The Palestinian CPI in December 2024 increased by 87.99% compared to December 2023. Gaza Strip saw a staggering increase of 318.42%, while Jerusalem J1 experienced a modest rise of 1.72%. The West Bank recorded a slight decrease of 0.03% in the CPI. The data collection, hindered by the Israeli occupation aggression against Gaza Strip since October 7th, 2023, relied on direct phone contact with PCBS fieldworkers in Gaza. They concentrated on prices for basic commodities with high importance within the main expenditure groups in the CPI.
Prices were collected in New Israeli Shekels (NIS), with the December 2024 monthly average exchange rate at 3.62 NIS per US Dollar. The price level in the Gaza Strip is weighted differently, with prices in northern and central areas constituting 0.25% of the total average price, while southern areas like Rafah, Khan Younis, and Deir al-Balah constitute 0.75%.
