Full coverage· Economy· Updated
Inflation Slows to 1.1% Amid Ongoing Cost of Living Crisis
Former Finance Minister Bezalel Smotrich claimed credit for Israel's inflation rate falling to 1.1%, the lowest since April 2021. However, the public still faces high living costs as prices for many goods, services, and rent continue to rise.
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What happened
- 01Israel's annual inflation rate dropped to 1.1% in October, its lowest since April 2021.
- 02Former Finance Minister Bezalel Smotrich attributed the inflation decrease to his economic policies.
- 03Despite lower inflation, prices for vegetables, clothing, and rent continued to rise.
- 04Rental costs increased by 2.8% for renewing tenants and 5.5% for new tenants.
- 05A 5.1% drop in airfare contributed significantly to the overall index decrease.
- 06Critics point to other factors influencing inflation and recent tax increases.
While some sectors like fresh produce and clothing saw price increases in October, others like fruit and airfare decreased. Smotrich's policies, including a VAT hike and temporary fuel subsidies, are debated alongside other economic factors influencing inflation.
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