Israel's YoY inflation hits highest level since Nov. 2008
Jul 16, 2022
Jerusalem [Israel], July 16: Israel's year-on-year inflation reached 4.4 percent in June, the highest since November 2008, according to figures issued by the country's Central Bureau of Statistics on Friday.
This is the fifth month in a row that the 12-month consumer price index (CPI) has stayed above the government target range of 1-3 percent.
In the first half of 2022, Israel's CPI has registered a 3.2-percent increase, according to the bureau.
Israeli analysts estimated that the continual rise in inflation will lead to a fourth consecutive rise in the state's base interest rate on Aug. 22.
In the previous three moves, the Bank of Israel has raised the base interest rate from 0.1 percent to the current 1.25 percent.
Israel's monthly inflation rate in June was 0.4 percent, following a 0.6 percent in May, mainly because of an increase of 2.4 percent in transport prices.
Israel's home prices in the April-May period registered a year-on-year increase of 15.9 percent, up from 15.4 percent in the March-April period.
Source: Xinhua
