Bank of Israel leaves benchmark interest rate unchanged at 3%

By Melissa Kory

Cleveland, April 25 - Bank of Israel left its benchmark interest rate unchanged at 3%, according to a news release issued by the bank.

The Israeli Consumer Price Index increased by 0.2% in March, slightly less than the average forecast.

The inflation rate measured over the previous 12 months continued to increase and in March reached 4.3%.

The bank forecasts that inflation will average 3.1% over the next 12 months, increasing to 4.4% by May 2012.

Economic indicators show that domestic activity continued to expand and point to continued expansion in the second quarter, according to the release. In the first quarter, company activity continued to grow in most sectors. The March composite state-of-the-economy index rose by a strong 0.5%, continuing the gains of previous months.

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