Update From Nazareth |
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| CPI surprises analysts, drops 0.7% in January |
| 17/02/2010 |
| The Consumer Prices Index (CPI) dropped 0.7% in January, the Central Bureau of Statistics reported Monday. The drop was significantly greater than the 0.3% most analysts had anticipated.
The inflation rate dropped from 3.9% to 3.8%, still higher than the government's target for price stability of 1%-3%.
January's CPI was influenced mainly by sharp reductions in the price of clothing (9.4%), water for private consumption (9.3%), fresh vegetables (5.9%) and footwear (7.3%).
The 1% decline in apartment prices was responsible for 0.2% of the drop in January's CPI.
However, the price of fresh fruit rose by 3%, bus fares increased 4.5% and the price of electricity was up 1%.
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