Israel Inflation March 2023

Israel: Inflation declines to lowest level since September 2022 in March

Inflation eased to 5.0% in March, slightly below February’s 5.2%. March’s reading marked the lowest inflation rate since September 2022, but was still well above the Central Bank’s 1.0–3.0% target range. The weak shekel and strong domestic economy have played a role in maintaining price pressures in recent months, although this has been partly offset by a limited reliance on energy imports. The result was driven by moderating price pressures for transportation and communication and education, culture and entertainment. Moreover, prices for clothing and footwear dropped.

Annual average inflation edged up to 4.8% in March (February: 4.7%). Meanwhile, core inflation was unchanged, coming in at February’s 5.0% in March.

Finally, consumer prices rose 0.39% over the previous month in March, slowing down from the 0.49% rise seen in February.

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