December’s CPI surprised on the downside

ISRAEL - Report 16 Jan 2024 by Jonathan Katz

1. Inflation surprised on the downside in December; core inflation moderated to 2.7% y/y.

2. We have revised our inflation forecast upward due to the weaker shekel and higher taxation as part of fiscal accommodation.

3. This week, markets will follow closely the credibility of the fiscal adjustments to be approved by the government.

4. The trade deficit declined sharply in Q4 as exports declined modestly compared to the contraction in imports.

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