Israel’s inflation hits 14-yr high

Tel Aviv: Israel’s year-on-year inflation rose to 5.3 per cent in November, the highest since October 2008, according to figures issued by the Central Bureau of Statistics.

The 12-month inflation figure continued to go over the upper limit of the government range of 1 to 3 per cent, Xinhua news agency reported citing the Bureau as saying.

The last time the figure was within the range was in December 2021.

Israel’s inflation increase has not been curbed despite that the central bank raised the base interest rate from 0.1 per cent in April to the current 3.25 per cent.

Analysts estimated that the bank will raise the interest rate again in early January.

Israel’s home prices in the September-October period registered a year-on-year increase of 20.3 per cent, the highest in over 12 years, according to the Bureau.