Bethel Finance news:
Israel's Consumer Price Index rose by 0.2% in March to 102.5 points, the Central Bureau of Statistics announced today. The reading is within the range of analysts' estimates. Inflation year to date is 0.7%, and over the past twelve months 4.3%. This is higher than the government's 1-3% target range for the annual rate of inflation.
According to trend figures for December 2010 to March 2011, the annual rate of inflation is currently running at 5.7%, and 5.1% excluding housing.
In the wake of an unexpectedly high inflation figure for February, the Bank of Israel raised its interest rate by 50 basis points, which was more than analysts had predicted. The figure for March looks unlikely to trigger such a large rate hike, and most analysts are predicting a 25 basis point rise in the interest rate for May.
The index excluding the housing item was flat in March. The housing item rose 0.5% last month, contributing 0.125% to the general index. This item has risen 1.3% so far this year, and 6.4% over the past twelve months.
The rise in the housing item was offset by large falls last month in prices of fruit and produce (-4.0%) and clothing and footwear (-2.1%).
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