Israel's inflation rate stood at 5.3% in 2022, a report by the Central Bureau of Statistics revealed this week, citing increases in housing, food, transportation and telecommunications prices.
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The annual rate in December remained steady from November, remaining at its highest level since October 2008. Still, it was somewhat lower than the 5.4% rate predicted in a Reuters poll of analysts and significantly below Western levels.
The Bank of Israel has drastically increased its benchmark interest rate from 0.1% in April to 3.75% in an effort to drive inflation back to the 1-3% target range. The central bank expects inflation to reach 3% in 2023, up from 2.5% in its most recent prediction in October 2022. The Bank of Israel anticipates an interest rate of 4% by the end of 2023.
Israel's GDP is predicted to expand by 2.8% in 2023 (down from 3% in a prediction in October) and 3.5% in 2024.
Reprinted with permission from JNS.org.
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