Shekel appreciation continues and is expected to moderate tightening

ISRAEL - Report 15 Aug 2022 by Jonathan Katz

* Rapid shekel appreciation continued last week, reducing our inflation forecast as well as our rate forecast.

* Economic indicators remain generally positive, especially the business sector survey (including high-tech).

* We expect July’s CPI to reach 0.7% m/m (4.7% y/y) on higher food, housing, petrol, and travel prices.

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