UK inflation surges due to fuel: Will it reach Israel?
UK inflation jumped to 3.5% in September, the highest in months, driven by a sharp rise in fuel prices to their highest since August 2022. The article examines whether the global wave of price hikes, fueled by geopolitical conflicts in the Middle East and Europe, is expected to reach Israel. It notes that Israel's fuel price is set at the end of each month based on international prices, so a sustained rise in oil prices could be passed on to Israeli consumers. It also mentions that Finance Minister Smotrich signed a reduction in the excise tax, leading to a temporary drop in fuel prices to around 8 shekels, but the question of what will happen next month remains open.
UK inflation surged to 3.5% in September, the highest level in months, primarily due to a sharp increase in fuel prices that reached their highest since August 2022. The article examines whether the global wave of price hikes, driven by geopolitical conflicts in the Middle East and Europe, is expected to reach Israel. It notes that Israel's fuel price is set at the end of each month based on international prices, so a sustained rise in oil prices could be passed on to Israeli consumers. It also mentions that Finance Minister Smotrich signed a reduction in the excise tax, leading to a temporary drop in fuel prices to around 8 shekels, but the question of what will happen next month remains open. The article cites official data from the UK's ONS but does not provide current parallel data on fuel prices in Israel or the Israeli consumer price index. It mentions Smotrich's signing of the excise reduction but does not specify the amount or duration of the reduction. Additionally, the article does not include input from Israeli professionals or economists who could assess the likelihood of an impact on Israel.