The Central Bureau of Statistics said Wednesday that the Consumer Price Index rose by 0.2% in January 2022, exceeding analysts' projections of 0.1%.
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In the last 12 months, it has risen by 3.1%, above the Bank of Israel's annual target range for inflation of between 1% and 3%.
Additional significant price increases included fresh fruit and vegetables (2.1%), food (1.3%), furniture and household equipment (0.7%), and transport (0.5%). Prominent price decreases included clothing and footwear (5.0%) and culture and entertainment (0.9%).
Housing prices rose by 1.5%, a comparison of the transaction prices in November 2021 – December 2021 to those in October 2021 – November 2021 showed. Altogether in the past 12 months, the housing prices index rose by 11.3%, with prices having increased in all districts.
"The price increase affects almost every home in Israel," NGO Standing Together, which works to raise the minimum wage in Israel, said in a statement. "Is it any wonder that over two million Israelis struggle to make ends meet? In the face of this surge in the cost of living, the Finance Ministry's response – to increase the minimum wage by 54 agorot in the coming year – is pathetic and humiliating.
"How are we supposed to pay rent or mortgage? The time has come to raise the minimum wage to 40 shekels [$12] an hour," the statement said. The current minimum wage in Israel stands at a monthly NIS 5,300 ($1,500), or NIS 29 ($9.2) an hour.
The Histadrut Labor Federation also expressed indignation over the matter. "The prices are soaring and the government is burying its head in the sand with its economic plans that do not make sense. Raising the minimum wage to NIS 7,000 [$2,200] – as we demand – will be the first step in solving Israel's difficult economic situation," it said in a statement.
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