Israel Inflation November 2022

Israel: Inflation increases in November

Inflation ticked up to 5.3% in November, above Octobers 5.1% and above the Central Banks 1.0–3.0% target range. On top of higher international commodity prices, inflation in Israel is being driven by the marked depreciation of the shekel in recent months and a tight domestic labor market. That said, inflation remains mild relative to most other developed economies due to a limited reliance on energy imports.

November’s reading represented the highest inflation rate since October 2008. Looking at the details of the release, prices for food increased at a faster pace in November. In contrast, prices for transportation and communication increased at a slower pace.

The trend pointed up mildly, with annual average inflation coming in at 4.2% in November (October: 4.0%). Meanwhile, core inflation rose to 5.3% in November, from Octobers 5.0%.

Lastly, consumer prices increased 0.09% over the previous month in November, coming in below the 0.56% increase logged in October. November’s result marked the weakest reading since August.

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