Israel’s annual consumer price index (CPI) of inflation dipped to a 4.6 per cent rate in August, the Central Bureau of Statistics said on Thursday, easing from a 14-year high of 5.2 per cent in July and after aggressive Bank of Israel rate hikes in recent months.

A Reuters poll of analysts had projected an inflation rate of 4.8 per cent last month. CPI fell 0.3 per cent in August from July, led by declines in transport, telecommunications, clothing and footwear, the bureau said.

In a bid to cool inflation, Israel’s central bank has raised its benchmark rate (ILINR=ECI) to 2 per cent from 0.1 per cent in April, the last move a strong 75 basis-point hike on Aug. 22. Policymakers are expected to raise the key rate again by at least another 50 basis points at its next decision on Oct. 3.