The Bank of Israel's Stanley Fischer hiked the benchmark interest rate by 25 basis points to 2.25% as Israel saw continued house price inflation, with house prices rising 17.3% over the past 12-months. Israel recorded inflation of 2.7% in 2010 (or 1.9% excluding the housing component from the CPI inflation measure), which was within the range of the price stability target (3% is the upper limit).
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