search

Inflation in Israel hits 5.3% in 2022, remaining at a 14-year high

Sharon Wrobel is a tech reporter for The Times of Israel.

A shopper at a Rami Levy supermarket in Modi'in on February 1, 2022. (Yossi Aloni/Flash90/File)
A shopper at a Rami Levy supermarket in Modi'in on February 1, 2022. (Yossi Aloni/Flash90/File)

Israeli inflation stood at 5.3 percent in December over the previous 12 months, remaining at a 14-year high for a second consecutive month, and putting further pressure on the Bank of Israel to hike interest rates again next month.

The consumer price index (CPI), a measure of inflation that tracks the average cost of household goods, rose by 0.3% in December, compared with analysts’ expectations of between 0.3% to 0.4%, bringing annual inflation over the past 12 months to 5.3% — similar to the figure in November, according to Israel’s Central Bureau of Statistics. The annual CPI is the highest since inflation hit 5.5% in October 2008.

The increases were seen in the cost of transportation, which went up 1.1%; housing and medical services, which rose 0.6% each; and apartment maintenance, up 0.2%. These were offset by declines in prices of fresh fruit and vegetables, down 2.8%, culture and entertainment down 1.4%; and clothing and footwear, down 1%, according to the statistics bureau. Since the start of the year, the CPI rose 5.3%, the bureau said.

Never miss breaking news on Israel
Get notifications to stay updated
You're subscribed
image
Register for free
and continue reading
Registering also lets you comment on articles and helps us improve your experience. It takes just a few seconds.
Already registered? Enter your email to sign in.
Please use the following structure: [email protected]
Or Continue with
By registering you agree to the terms and conditions. Once registered, you’ll receive our Daily Edition email for free.
Register to continue
Or Continue with
Log in to continue
Sign in or Register
Or Continue with
check your email
Check your email
We sent an email to you at .
It has a link that will sign you in.