The inflation environment remains low; a moderate increase in
inflation is expected in 2015
The March consumer price index (CPI) increased 0.3%. However, over the last 12 months the index registered a 1% decline (March 2015 compared to March 2014). Excluding the effect of the housing component, which is based primarily on housing rental prices, the general index declined by an even more substantial rate (2%), thus reflecting a very low inflation environment.
In March substantial price increases occurred in the following components: the housing component – primarily due to an increase in prices in renewed housing rental contracts; as well as in transportation and communication – primarily due to a 6.3% increase in the price of gasoline (against the backdrop of the rise in global oil prices towards the end of February), and despite the continued decline in prices of cellular phone services. On the other hand, a seasonal decline in prices was registered in the clothing and
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