Israel Inflation July 2022


Israel: Inflation comes in at highest level since October 2008 in July

August 15, 2022

Consumer prices rose 1.13% in July over the previous month, picking up from June's 0.38% rise. July's result was the sharpest increase in prices since July 2008. The pick-up was broad-based, with greater price pressures recorded for food, transportation and communication, and education, culture and entertainment.

Inflation increased to 5.2% in July from June’s 4.4%. July's figure marked the highest inflation rate since October 2008. Annual average inflation rose to 3.3% in July (June: 3.1%). Finally, core inflation rose to 4.5% in July, from the previous month's 3.9%. That said, price pressures remain mild relative to most other developed economies due to a limited reliance on energy imports.

FocusEconomics panelists see consumer prices rising 4.0% in annual terms during 2022, which is up 0.3 percentage points from last month’s forecast. Our panelists see inflation of 2.7% in 2023.


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Israel Inflation Chart

Israel Inflation July 2022

Note: Year-on-year and month-on-month variation consumer price index in %.
Source: Central Bureau of Statistics (CBS).

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