CBS: February CPI down 0.3%

This is the second successive month that the CPI has dropped, after a surprise 0.7% drop in January
 
The Central Bureau of Statistics (CBS) said last Monday that February's Consumer Price Index (CPI) dropped by 0.3%. The drop was in line with analysts' expectations of between 0.3%-0.5%.
 
This is the second successive month that the CPI has dropped, after a surprise 0.7% drop in January. Even so, inflation over the past 12 months stands at 3.6%, above the top range of 3% for the government's annual inflation target.
 
According to the CBS report, clothing and apparel prices noted a 6.3% drop, domestic electricity prices shrunk by 4.6% and internet services' prices fell by 4.3%.
 
Produce prices, however, noted a 3.3% increase. Breads added 0.9%, cellular services' prices rose by 0.7% and meats added 0.6%.
 
February's CPI rates coincided with market projections, which predicted it would note a 0.3%-0.5% change. January's CPI noted a surprising 0.7% tumble. Market analysts believe the following months will also see negative CPIs.