Israel’s inflation down in Nov. ’24

Israel’s inflation eased to 3.4 per cent in November, the lowest since July, but remained above the government’s target range of 1-3 per cent, according to the Central Bureau of Statistics.

This marked a decline from 3.5 per cent in October and a 10-month peak of 3.6 per cent in August. The consumer price index (CPI) dropped by 0.4 per cent month-on-month, driven by lower costs for fresh produce, transport, shoes, and education, partially offset by rises in housing, food, and clothing prices.

Despite the dip, inflationary pressures, attributed mainly to war-related supply issues, persist. The Bank of Israel, which last cut interest rates in January, has since held rates steady, citing geopolitical tensions and fiscal challenges. With inflation still above target, officials have signaled potential rate hikes, while a decision is due on January 6.

Attribution: Reuters

Subediting: M. S. Salama