August Inflation Hits 0.7%, Annual Rate Holds Steady at 1.5%
Translated & summarized from 0404 by baba
Israel's consumer price index rose 0.7% in August, keeping the annual inflation rate at 1.5%. Economists expect the Bank of Israel to hold interest rates steady for the fourth consecutive meeting.
The story in 6 lines · by baba
- August inflation reached 0.7%, slightly below forecasts.
- Annual inflation rate remains stable at 1.5%.
- Prices rose in produce, transport, housing, and leisure.
- New home prices increased 0.2%, used homes fell 1.2%.
- Interest rates are expected to remain unchanged.
- This marks the fourth consecutive hold.
Consumer prices in Israel rose by 0.7% in August, a figure considered high but slightly below initial forecasts. The annual inflation rate remained unchanged at 1.5%, mirroring the rate recorded in August of the previous year.
Significant price increases were observed in several categories, including fresh produce, transportation, housing, and culture and entertainment. In the real estate sector, the index for new apartment prices saw a modest increase of 0.2%. However, prices for secondhand apartments experienced a decline of 1.2% during the same period.
Following these inflation figures, economists at banks and investment firms anticipate that the Bank of Israel will not lower its benchmark interest rate at its upcoming meeting on October 21st. This would mark the fourth consecutive meeting without an interest rate reduction.
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