Inflation in line with expectations as rental prices accelerate

ISRAEL - Report 18 Jul 2022 by Jonathan Katz

1. June’s CPI (in line with consensus) reflects increased service price inflation, especially in housing rental prices.
2. Core inflation accelerated to 4.1% y/y in June, up from 3.65% last month.
3. Trade data reflect expansion in both exports and imports as economic activity remains fairly strong.
4. We expect fairly aggressive tightening ahead, with rates reaching 2.75% by early 2023.

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