Shekel appreciation continues; expected to moderate inflation

ISRAEL - Report 22 Nov 2021 by Jonathan Katz

GDP growth is expected to reach close to 6.5% this year and 4.8% in 2022; the output gap will narrow but will still remain somewhat disinflationary. Inflation is expected to reach 1.5% NTM, as a strong shekel offsets (in part) other inflationary factors. We do not expect a rate change today; the BoI will stress that inflation in Israel is low relative to other developed markets.

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