Pent-up demand impacts inflation, while rental prices moderate

ISRAEL - Report 19 Apr 2021 by Jonathan Katz

*Inflation surprised slightly on the upside due to the impact from pent-up demand as the economy opened up.

*On the other hand, housing rental prices moderated, supporting a moderation in core inflation to 0.2% y/y from 0.3% last month.

*We are forecasting inflation of 0.9% in the next 12 months, as pressure for shekel appreciation continues.

*Israeli savings institutions were net sellers of 2.4bn USD in February and 8bn from December through February.

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