Initial signs of inflation moderation

ISRAEL - Report 17 Apr 2023 by Jonathan Katz

1. Although inflation in March surprised slightly on the downside, core inflation remained stable at 5.1% y/y.

2. The main threat to inflation going forward remains a weaker shekel, while other macro trends support slowing inflation.

3. The fiscal deficit in March increased sharply on lower tax revenues.

4. Moody’s shift of Israel’s rating to a stable outlook from positive was widely expected.

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