The Bank of Israel raised its benchmark lending rate by 25 basis points to 2.50% as a booming economy put pressure on rising inflation. Israel recorded inflation of 3.6% in January, up from 2.7% in December, and above the official inflation target of 1% to 3%. The move was also aimed at the housing market; Israeli house prices grew 1.3% month-on-month in December vs 1.4% in November, and 17.5% over the last twelve months. Israel's economy grew an annualized 7.8% in the fourth quarter of 2010, compared to 4.4% in the previous quarter.
www.CentralBankNews.info
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