Israel's cost of consumer goods rose by 0.6 percent in May and shows no signs of slowing down its pace, according to government data released Wednesday.
According to the Central Bureau of Statistics (CBS) report, the consumer price index (CPI) was slightly less than most forecasts - predicting 0.7-0.8% - possibly reflecting successful efforts by the Bank of Israel to cool inflation.
However, inflation for the past year was 4.1% higher than the bank's target range of 1-3%. The current interest rate is 0.75%, with plans for it to be reassessed next month.
In Israel, the last time inflation was this high was in 2011, when annual inflation hit 4.4% in March of that year. Three years prior, inflation hit 5.4%.
Inflation in Israel is still moderate compared to other countries, such as the United States, which hit a 40-year record high of 8.6% in recent weeks.
The increase in Israel during May was similar to April's, according to the CBS.
In May, the cost of fresh fruit rose by 13.8% and fresh vegetables went down by 0.7%, with the cost of other foods increasing by 0.9%. Clothing and footwear went up 2.2%, while culture and entertainment costs were up 0.8%.
Housing prices only went up 0.9% in May, marking a recent decrease in the rate of growth. However, the costs have surged 15.4% in the last year.