Housing rental price moderation is supportive of low inflation

ISRAEL - Report 20 Aug 2018 by Jonathan Katz

July's CPI surprised on the downside due to moderating housing rental prices. With core inflation hovering at around 1.0% y/y in coming months, we do not envision a rate hike before Q119.

Zoom In: Underlying GDP growth in Q218 is within the 2.5-3.0% range, a rate likely to be maintained in 2H18.

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