Israeli Inflation Rate at 11 Percent
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Israeli Inflation Rate at 11 Percent

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Israel’s cost of living index rose by 0.8 percent in October, bringing the estimated annual inflation rate to 11 percent, according to the Central Bureau of Statistics.

The bureau’s estimated rate of inflation for 1996 was higher than the single- digit target set by the government.

The main factors for the monthly rise were housing and seasonal increases in the prices of clothing and shoes.

Drops in the prices of fruits and vegetables partially offset other increases in food prices, which rose 0.9 percent overall for the month.

In other economic news, the Israeli high-tech firm Scitex registered unprecedented losses of $151 million in the third quarter of the year.

The company lost $36 million during the same period last year.

Scitex is undergoing a streamlining effort that includes layoffs of more than 500 employees.

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