Israel Inflation September 2023

Israel: Inflation drops in September

Inflation dropped to 3.8% in September, following August’s 4.1%. The figure was largely driven by softer growth in prices for food. In addition, price pressures for transportation and communication grew at a softer pace.

The trend was unchanged, with annual average inflation coming in at August’s 4.7% in September. Meanwhile, core inflation fell to 3.7% in September, from August’s 4.0%.

Finally, consumer prices dropped 0.10% in September over the previous month, contrasting the 0.48% increase logged in August. September’s result marked the weakest reading since August 2022.

Inflation in September was still above the Bank of Israel’s 1.0–3.0% target range, propped up by the weak shekel. Further shekel depreciation in the wake of the strikes on Israel by Hamas will put upward pressure on prices in the near term, though the Consensus is still for inflation to fall next year.

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