Israel’s Inflation Rate Down to Zero in July
TEL AVIV — Israel’s inflation rate, ruinously high just two years ago, dropped to zero for the month of July, the government has reported.
It was the second time this year that the Central Bureau of Statistics has reported no inflation for a calendar month. Its figures for January showed a 1.3% drop in the price index, the first decline in 14 years.
Inflation reached 445% during 1984 but fell rapidly after Prime Minister Shimon Peres’ austerity plan took effect in July, 1985. It included wage and price controls and fixed the exchange rate of the shekel to the U.S. dollar.
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