March CPI reading lower than expected

Israel’s Client Value Index (CPI) rose .6% in March, the Central Bureau of Stats noted this afternoon, beneath the economists’ expectation of .8%. Inflation more than the earlier 12 months remains at 3.5%, nonetheless properly previously mentioned the Bank of Israel’s annual target range for inflation of involving 1% and 3%.

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Owing to the sharp increase in commodity costs adhering to the Russian invasion of Ukraine, earlier this 7 days the Bank of Israel revised its inflation forecast for 2022 sharply upwards from 2% to 3.6%. The Bank of Israel sees 2% inflation in 2023.

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Between the well known rises in costs in March, garments and footwear rose 4.6%, lifestyle and leisure rose 2.1%, and transportation rose 1.6%. Amid the notable value falls in March, new fruit and vegetable price ranges fell 2.5%.

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Housing selling prices rose 1.8% in January-February when compared with December-January and have risen 15.2% about the earlier 12 months.

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In January-February as opposed with December-January, housing selling prices in central Israel rose 2.4%, in Jerusalem (2.2%), Haifa (2.1%), northern Israel (1.6%), southern Israel (1.5%), and in Tel Aviv (1.3%).

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In excess of the 12 months prior to January-February housing charges rose 17.7% in central Israel, in Jerusalem (16.4%), Tel Aviv (14.5%), Haifa (13.2%), southern Israel (12.5%) and northern Israel (11.5%).

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Published by Globes, Israel enterprise news – en.globes.co.il – on April 15, 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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