Inflation accelerates but remains fundamentally low

ISRAEL - Report 22 Mar 2021 by Jonathan Katz

* Private consumption has expanded rapidly with the opening-up of the economy.

* Despite February’s higher-than-expected CPI, we see inflation stabilizing at the low end of the target.

* Pressure for shekel appreciation is expected to continue while BoI FX intervention is likely to taper with the economic recovery.

* Politics: As Israel goes to the polls tomorrow, the two major blocs (for and against Netanyahu) appear evenly split.

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