Israel Inflation January 2024

Israel: Inflation declines to lowest level since November 2021 in January

Inflation came in at 2.6% in January, which was down from December’s 3.0%. January’s figure marked the lowest inflation rate since November 2021 and the second consecutive month of inflation within the Bank of Israel’s 1.0–3.0% target range. Looking at the details of the release, education, culture and entertainment prices rose at a quicker pace in January compared to the previous month, while price pressures for food and transportation and communication eased.

Annual average inflation ticked down to 4.0% in January (December: 4.2%). Meanwhile, core inflation edged down to 2.7% in January, from the previous month’s 2.9%.

Finally, consumer prices were unchanged in January over the previous month, following December’s 0.10% fall. January’s uptick was the highest reading since October 2023.

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