Despite January's upward CPI surprise, rates to remain on hold

ISRAEL - Report 18 Feb 2019 by Jonathan Katz

Although January's CPI surprised on the upside, the inflation environment remains fairly tame. We expect inflation to reach 1.1% in the NTM impacted by a strong shekel and weakening wage pressure offset by tax increases and higher housing rental prices. GDP growth reached 3.1% saar in Q418, in line with Israel's growth potential. We still do not envision a rate hike this year as the BoI aims to push inflation towards the mid-level of target.​

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