12 MONTH CERTIFICATE
4.25%
Price Index
Jumps Again
The Consumer Price Index in Is-
rael jumped 1.1 percent in Au-
gust, marking the sixth
consecutive month with inflation
of one percent or more.
Central Bureau of Statistics
spokesman David Neuman re-
ported that inflation is now esti-
mated to be running at 14.5
percent annually.
Fruit and vegetable prices
jumped ahead of housing prices,
contributing 0.4 percentage
points to the index. Housing con-
tributed only 0.3 percent. To-
gether, they made up nearly
two-thirds of the index's rise.
Jonathan Katz, head of the
Economic Modeling and Fore-
casting organization, said the
smaller rise in housing prices was
good news and an important sign
of lower inflation ahead. He ex-
pects housing prices will increase
less than the overall index again
this month.
Fruit and vegetable prices, on
the other hand, surged 9.1 per-
cent last month. They now have
risen 19.7 percent since the be-
ginning of the year, compared
with 19.2 percent for housing.
Mr. Katz says the moderation
in housing prices is the result of a
significant drop in the public's fi-
nancial assets following the stock
market's fall earlier this year.
The impact of consumers' per-
ceived erosion of their wealth is
lagging by four to six months, he
said.
Mr. Katz warned, however,
that it is too early to celebrate. "I
can't say the trend won't reverse
itself," he said.
August's rise brought the index
to 114.3 points on a baseline av-
eraging 100 in 1993, compared
with 113.1 points in July. In re-
sponse to last month's CPI, Man-
ufacturers Association President
Dan Propper said that the rise in
inflation was not the main prob-
lem facing the country's economy,
but rather the large trade gap.
He blamed the Bank of Israel's
monetary and exchange rate pol-
icy for slowing down the economy.
In particular, Mr. Propper crit-
icized the central bank's interest
rate hikes that are aimed at con-
tending with 14.5 percent infla-
tion, while the exchange rate
policy assumes an inflation rate
of 8 percent, making exports
more expensive and imports
cheaper.
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