Israel's Consumer Prices Index rose by 0.3% in October, the Central Bureau of Statistics announced today. The reading is higher than expected analysts had forecast 0.1%.
The main factor in the unexpected rise was a jump in the price of tomatoes, which soared 64%, contributing 0.17% to the general index. Clothing and footwear rose 6.4%. The housing item based on rents rose 0.1%, while the owner occupied housing item rose 0.2%.
On the other side, fuel prices and foreign travel both fell 5%.
In the ten months to October, inflation was 2.1%, in the middle of the government's price stability target range. Inflation over the past twelve months was 1.8%. The figures give the Bank of Israel room to maneuver on lowering interest rates should it see fit to do so.
Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2013
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