Inflation expected to accelerate

ISRAEL - Report 22 Apr 2024 by Jonathan Katz

Inflation in March (0.6% m/m 2.7% y/y, following 2.5% last month) was slightly above expectations of 0.5% on average. Core inflation inched up to 2.3% y/y from 2.2% last month but this is due to higher taxation on cigarettes, which contributed 0.17% to the CPI. Core excluding government measure remained stable at 2.2%, actually slowing to 2.17% from 2.24%.

There are several factors expected to push inflation higher, if not necessarily in the immediate future but into the second half of the year. These include expansionary fiscal policy, a relatively tight labor market and rising housing prices. The shekel remains the joker in the pack.

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