Underlying inflation remained fairly subdued in 2018

ISRAEL - Report 21 Jan 2019 by Jonathan Katz

Inflation remained below target in 2018 for the fifth straight year, reaching 0.8% y/y. Core inflation reached 0.7% similar to last year, despite a weaker shekel and wage pressure. We expect inflation in 2019 to reach 1.1%, assuming fiscal consolidation following the elections spills over to inflation. A low inflation environment will make it difficult for the Bank of Israel to continue to tighten in 2019.

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