Weak consumer demand will keep inflation low

ISRAEL - Report 18 May 2020 by Jonathan Katz

April's CPI (-0.3% m/m) was higher than expectations as rental prices surprised on the upside. Consumer confidence fell sharply in April on spiking unemployment, supportive of weak inflationary pressure. The economy appears to be opening up more rapidly than previously expected, as the number of new infections remains minimal. The bond market: further BoI bond purchases, possible additional international issues and joining the WGBI should provide support.

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