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Israel

Israel: August inflation rate increases faster than expected, data shows

Israeli inflation in August quickened at a faster pace than forecast, led by an increase in the costs of fresh vegetables, transportation and housing, data by the Central Bureau of Statistics shows.

  • Annual inflation over the past 12 months accelerated to 3.6 percent up from 3.2% in July, and 2.9% in June, and is for the second month above the government’s target range of 1% to 3%.

On a monthly basis, the consumer price index (CPI), a measure of inflation that tracks the average cost of household goods, rose by 0.9% in August, above the average range of analysts’ expectations of between 0.5% and 0.6%.

  • In August, price increases were seen in the costs of fresh vegetables, which jumped 13.2%, transportation was up 2.8%, housing rose 0.6%, and culture and entertainment edged up 0.5%, according to the statistics bureau. These were offset by price declines of 4.1% in the cost of clothing products and a 5.9% drop in refined petroleum products.
  • In the real estate market, rents on renewal of contracts rose 2.6% and rents on contracts for new tenants increased 5.3%.

Source: TOI