March’s CPI surprises on the downside

ISRAEL - Report 18 Apr 2022 by Jonathan Katz

1. March’s CPI surprised on the downside, mostly due to the surprisingly soft increase in travel abroad costs.

2. We expect this item to support a stronger CPI print in April (0.8% m/m) and beyond.

3. We currently expect inflation to reach 2.8% in the next 12 months.

4. March’s CPI should not alter the path of gradual-but-steady monetary tightening to 1.5% one year from now.

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