Israel's Consumer Price Index (CPI) rose 0.5% in June to 103.6 points, the Central Bureau of Statistics announced today. The rise is in line with analysts' estimates. Over the past twelve months (July 2010 to June 2011) inflation has been running at an annual rate of 4.1%. The CPI has risen 1.8% so far this year.
The CPI excluding housing rose 0.2% to 103.0 in June. The housing item itself rose 1.1% in June, making the largest contribution to the general index. Fuel prices rose 2.7%, fresh fruit prices rose 3.9% and clothing and footwear prices rose 2.8%.
Conversely, prices of fresh vegetables fell 8%, and automobile prices fell 3%.
It is considered unlikely that the Bank of Israel will raise it key interest rate for July, as the rise in the CPI for June is in line with expectations, and the bank raised rates in a surprise move last month. Governor of the Bank of Israel Stanley Fischer can take a break to see what happens in Europe and in the financial markets that threaten the stability of the economy.
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