The Consumer Price Index ( CPI ) jumped 1.1% in July, the Central Bureau of Statistics announced last week. The jump was far higher than analysts' forecasts of 0.5-0.7 percent.
According to the CBS the sharp 1.7% depreciation of the shekel relative to the dollar played a major role in July's CPI. The CPI has risen a total 1.6 percent both in the first seven months of 2005 and in the past 12 months.
Following the CPI's announcement, the Central Bureau of Statistics ( CBS )reported that in April-July 2005, the annualized inflation rate reached 3.6%. The CBS noted that the annualized inflation rate was well above the 3% upper limit of the government’s inflation target.
The annualized inflation rate was 0.3% in December 2004-March 2005, the Central Bureau of Statistics reported today.
The Consumer Price Index (CPI), excluding housing, rose by an annualized 2% in April-July, indicating that the rapid rise in prices was due to the depreciation of the shekel against the dollar.
Basic inflation (the CPI, excluding housing and fruits and vegetables) reached an annualized 2.6% in April-July.
