Israel’s Central Bureau of Statistics said Sunday that Israel’s inflation rate reached 5.3% in 2022, attributing this to rising prices for housing, food, transport and communications services.
December’s annual inflation rate was flat from November at its highest level since October 2008, but it was just below the 5.4% expected in the Reuters analysts’ poll and well below levels in the West.
The consumer price index in December rose by 0.3% compared to November.
In an effort to reduce inflation to a target level of 1-3%, the Central Bank of Israel raised interest rates.
The benchmark fell sharply to 3.75% from 0.1% in April.
Bank officials said they expect the rate to reach at least 4% in the coming months.
