September’s CPI comes in slightly above expectations

ISRAEL - Report 17 Oct 2022 by Jonathan Katz

1. Despite the upward inflation surprise in September, core inflation remained stable at 4.7% y/y.
2. We expect inflation to accelerate y/y in Q422, in part due to the cancellation of the excise tax reduction on petrol.
3. We expect a rate hike of 0.5% on November 21, and further tightening to 3.75% by February 2023.
4. Fiscal figures remain positive, reflecting a surplus in the last 12 months.

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