Israel Inflation July 2021

Israel: Inflation comes in at highest level since November 2013 in July

Consumer prices rose 0.39% from the previous month in July, accelerating from the 0.10% increase logged in June. The result was driven by rising prices for transportation and communication.

Inflation ticked up to 1.9% in July, above June’s 1.7%. July’s figure represented the highest inflation rate since November 2013. The annual average variation of consumer prices ticked up to 0.2% in July (June: 0.0%). Lastly, core inflation rose to 1.7% in July, from the previous month’s 1.3%.

Inflation should remain in the Bank’s 1.0%–3.0% target range later this year, thanks to a favorable base effect, strong domestic demand and higher international commodity prices.

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