JERUSALEM, Nov 15 (Reuters) – Israel’s inflation rate rose a more than expected 5.1% in October over the prior 12 months from 4.6% in September, which is likely to garner a strong response from the Bank of Israel next week.
The consumer price index (CPI) rose 0.6% in October from September, the Central Bureau of Statistics said on Tuesday.
The CPI was forecast to have risen 0.5% on the month and 5.0% over the past year, according to a Reuters poll of economists.
Annual inflation peaked at a 14-year high of 5.2% in July before easing in August and September following aggressive rate increases in which the Bank of Israel has raised its benchmark rate to 2.75% from 0.1% in April.
The central bank is expected to raise the key rate as much as 0.75 percentage points at its next decision on Monday. It has said it expects inflation to move back to an official 1-3% target in 2023.
Reporting by Steven Scheer
Editing by Mark Potter
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