October's CPI comes in at the low end of consensus

ISRAEL - Report 15 Nov 2019 by Jonathan Katz

October's CPI reached 0.4% m/m and 0.4% y/y (up slightly from 0.3% y/y last month), coming in at the low end of consensus, which was in the 0.4%-0.5% range. We also had expected 0.5% but two items surprised on the downside. Housing (rental prices), which makes up nearly 25% of the CPI, moderated to 1.3% y/y from 1.8% last month. This item had been the main contributor to inflation in recent years, so this moderation is significant. Secondly, vacation (in Israel) costs declined by 6.2% m/m (we had expected a slight increase), despite the Jewish New Year and other holidays this month. Core inflation moderated to 0.6% y/y (as a result of softer rental prices) from 0.7% last month.

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