Lower rental prices will push inflation negative

ISRAEL - Report 20 Apr 2020 by Jonathan Katz

In March, inflation (0.0% y/y) surprised slightly on the upside as housing rental prices increased by 2% y/y. Looking ahead, we expect inflation to reach -0.3%, with housing prices expected to decline on weaker demand and growing inventory. The BoI appears committed to maintaining low yields by purchasing government bonds. The economy is gradually opening up as the number of new Covid-19 cases has slowed.

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