Accelerating rental prices resulted in higher-than-expected CPI

ISRAEL - Report 18 Mar 2019 by Jonathan Katz

February's CPI (0.1% m/m, 1.2% y/y) surprised on the upside due to accelerating housing rental prices. Our inflation forecast for the NTM remains at the low end of the target (1.0%), on shekel strength and softening labor market pressures, offset in part by higher taxation. We still do not envision a rate hike before 2020, as the MPC strives to push inflation towards the mid-level of the target.

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