Inflation Rate (CPI): West Bank and Gaza

Analysis# West Bank and Gaza Inflation Rate (CPI) West Bank and Gaza experienced a dramatic surge in inflation to 53.7% in 2024, marking both the current level and the all-time peak in recorded history. This represents a sharp departure from the region's relatively stable inflationary environment over the previous two decades, where rates typically ranged between -0.7% and 5.9%. Since 1997, the cumulative inflation has reached 606.6%, reflecting decades of economic pressures punctuated by the exceptional spike of 2024. The acceleration began noticeably in 2022 (3.7%) and intensified through 2023 (5.9%) before exploding to its current historic high. Prior to this period, inflation remained subdued and occasionally deflationary, particularly during 2020 (-0.7%) and scattered negative years in the mid-2010s. The trajectory since 2022 signals a fundamental shift in price dynamics, driven by regional instability and external economic pressures that have pushed the cost of living to unprecedented levels.