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