The Consumer Prices Index (CPI) rose 0.3% in November, the Central Bureau of Statistics reported today. The figure is in line with expectations. The CPI has now risen by 3.9% in the first 11 months of 2009, and it is now certain that despite the recession, inflation in 2009 will be about 1% higher than the top-end of the government's target of between 1% and 3%.
The November CPI was influenced by a 5.1% rise in the price of fuels. This was the most significant item in the November CPI. The fuel increase also meant that overseas travel was 2.3% more expensive as carriers were forced to hike air fares.
November also saw home prices rise by 0.7%, while cucumber prices soared by 40%.
On the other hand, water prices fell 8% as minimum allocations before the drought tax is imposed were increased, chickens fell 4.1% and fruit was 5.4% cheaper.
Published by Globes [online], Israel business news - www.globes-online.com - on December 15, 2009
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