Israelis got some good news on the economic front over the week-end, Figures released here by the Central Bureau of Statistics showed that the rate of inflation has slowed down. Only a 1.5 percent rise in the cost-of-living index was recorded for the month of February.
While economists said that this was in line with an expected total COL 18% hike for 1975, it was less than expected in view of last November’s devaluation of the Israel Pound and other economic austerity measures which sent prices scaring. The modest increase covered a broad spectrum of goods and services but no appreciable rise was noted in any particular item.
In contrast, the COL index in February, 1974 rose by 10.8 percent. The CBS also reported that the cost of housing remained stable in 1974 for the first time in years. During October-December last year, only 2700 new apartments were sold compared to 3200 during the preceding three month period. The price of flats has been a major cause of accelerating living costs in recent years.
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