Israel: Consumer prices mark steepest fall in nearly eight years
February 16, 2015
In January, consumer prices fell 0.9% over the previous month, which was below the flat reading tallied in December and marked the steepest monthly decrease on record. According to the Central Bureau of Statistics (CBS), January’s reading reflected lower prices for food and housing.
Consumer prices fell 0.5% in January over the same month last year, which was below the 0.2% decline registered in December and marked the sharpest fall since June 2007. As a result of January’s decline, annual average inflation continued the downward trend that began in June 2014, falling from 0.5% in December to 0.3% in January, thus reaching the lowest level since November 2007. Core consumer prices, which exclude volatile items such as oil and vegetables, rose 0.1% year-on-year in January, which matched December’s result.
Author: Cecilia Simkievich, Economist