November's CPI expected to reach -0.1% and 3.5% y/y

ISRAEL - In Brief 13 Dec 2023 by Jonathan Katz
Contrary to our initial expectations, the CBS decided to measure the “travel abroad” item in November (flights, hotels, etc) despite the 80% decline in Israelis traveling abroad. This means that the sharp shekel appreciation (4.3% against the dollar) will push the November CPI print down sharply. We are revising our CPI forecast for November to -0.1% from +0.1%, and y/y inflation to 3.5% from 3.7%, declining to 3.3% y/y in December and 3.0% in January 24. A full inflation analysis and forecast will be released following November's CPI on Friday.

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