Signs of inflation moderation, except for rental prices

ISRAEL - Report 17 Jan 2023 by Jonathan Katz

1. Inflation in December surprised slightly on the downside (up 0.3% m/m and 5.3% y/y), with core inflation softening to 5% from 5.3%.

2. Except for rental prices, which continue to accelerate, non-housing service prices and goods are decelerating.

3. Due to recent government measures to reduce the cost of living, as well as shekel appreciation, we revised our inflation forecast down to 2.7% in 2023.

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