Consumer Confidence Index fell in February

It is a clear indication that Israeli consumers see major importance to the unfolding events in the Middle East and North Africa with rising fuel and food prices
 
The Consumer Confidence Index, which measures local consumer views regarding the current economic situation and consumer expectations for the future (compiled by Globes Research and PricewaterhouseCoopers Israel)for February 2011 fell 7.7 points to 81.5 following a rise of 6.8 points in January.
 
The February fall is a clear indication that Israeli consumers see major importance to the unfolding events in the Middle East and North Africa with rising fuel and food prices. 
 
The Index found that Israelis pay greater heed to this than to the impressive growth figures for the fourth quarter of 2010.
 
In February there was a sharp drop in components relating to the present and the coming six months. The Index may well rise in the near future due to Israel's growth and the recovery in the US and other developed economies.
 
Such upward movement was also seen when it became clear that the Israeli economy was less harmed than expected by the global economic crisis.