Photo Credit: Yossi Aloni / Flash 90
People shop for groceries at the Rami Levy supermarket in Modi'in on February 1, 2022.

Israel’s inflation rate dropped to a 16-month low of 3.3 percent last month from 4.2 percent in June.

The good news could mean the Bank of Israel will decide not to raise the interest rates any further when it makes the announcement on September 4.


The Bank left July’s benchmark interest rate of 4.75 percent in place — more good news after 10 increases in the rate over the past year, since the 0.1 percent interest rate announced in April 2022.

The consumer price index (CPI) — an indicator of the average change over time in the prices paid by consumers for a market basket of various goods — rose 0.3 percent from June to July due to gains in the price of fresh produce and other food, housing rentals and transportation.

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Hana Levi Julian is a Middle East news analyst with a degree in Mass Communication and Journalism from Southern Connecticut State University. A past columnist with The Jewish Press and senior editor at Arutz 7, Ms. Julian has written for, and other media outlets, in addition to her years working in broadcast journalism.