A surprising decline in airline fares moderates inflation

ISRAEL - Report 17 Jun 2024 by Jonathan Katz

1. Inflation in May surprised sharply on the downside due to a sharp unexpected decline in airline fares.

2. We expect inflation to reach 3.1% the coming year due to an expansionary fiscal policy, tight labor market and higher rental prices.

3. Despite May’s low CPI, a possible rate reduction is unlikely as long as geopolitical risks remain elevated.

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