Inflation comes in below expectations

ISRAEL - Report 16 Sep 2022 by Jonathan Katz

Inflation in August declined by 0.3% m/m (4.6% y/y, down from 5.2% last month). Market expectations were in the -0.1% to -0.2% range (we were expecting -0.2%). Core inflation (the CPI excluding energy and fresh produce) remained stable at 4.7% y/y (and 4.4% excluding government price hikes). The main item that surprised on the downside was food prices, which declined by 0.1% m/m (up 5.8% y/y).

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