Israel's inflation rate hits 5.2 pct, highest since 2008

People shop at a market in central Israeli city of Ramla, Aug. 17, 2022.

Israel's year-on-year inflation reached 5.2 percent in July, the highest since October 2008, according to figures released by the country's Central Bureau of Statistics on Monday. (Photo by Gil Cohen Magen/Xinhua)

JERUSALEM, Aug. 15 (Xinhua) -- Israel's year-on-year inflation reached 5.2 percent in July, the highest since October 2008, according to figures released by the country's Central Bureau of Statistics on Monday.

This is the sixth month in a row for the 12-month consumer price index to rise above the government target range of 1-3 percent.

Israel's monthly inflation rate in July was 1.1 percent, following a 0.4 percent in June, mainly due to an increase of 8.5 percent in fresh fruit prices and 3.3 percent in transport prices.

Israeli analysts estimated that the continued rise in inflation will lead to a fourth consecutive rise in Israel's base interest rate by the Bank of Israel on Aug. 22.

During the last three increases, the base interest rate has been raised from 0.1 percent to the current rate of 1.25 percent.

Israel's home prices in the May-June period registered a year-on-year increase of 17.8 percent, the highest in over 12 years, according to the Bureau.

People shop at a market in central Israeli city of Ramla, Aug. 17, 2022.

Israel's year-on-year inflation reached 5.2 percent in July, the highest since October 2008, according to figures released by the country's Central Bureau of Statistics on Monday. (Photo by Gil Cohen Magen/Xinhua)