Modest shekel weakening will push inflation higher in April

ISRAEL - Report 09 Apr 2018 by Jonathan Katz

Average wages are accelerating, which is supportive of some inflationary pressure. The shekel has weakened by 3.3% YTD (against the basket) as some Israeli institutions are increasing their FX exposure. We currently expect inflation to increase by 0.9% cumulatively in the next three months (in part seasonal) and by 0.8% NTM.

Zoom in: The BoI annual report is somewhat critical of the expansionary fiscal policy.

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