Latest reading: Inflation eased to 1.5% in May, below April’s 2.0%. May’s figure marked the weakest inflation rate since March...
Inflation in Israel
In the year 2024, the inflation in Israel was 3.07%, compared to 0.48% in 2014 and 4.21% in 2023. It averaged 1.25% over the last decade. For more inflation information, visit our dedicated page.
Israel Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Israel from 2024 to 2023.
Source: Macrobond.
Israel Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 0.8 | -0.6 | 1.5 | 4.4 | 4.2 |
| Inflation (CPI, ann. var. %, eop) | 0.6 | -0.7 | 2.8 | 5.3 | 3.0 |
| Inflation (WPI, ann. var. %, eop) | -1.2 | -4.3 | 11.0 | 9.0 | 0.3 |
Inflation declines to lowest level since July in November
Latest reading: Inflation ticked down to 3.4% in November from October’s 3.5%. November's figure represented the weakest inflation rate since July and was below market expectations. That said, inflation was still above the Bank of Israel’s 1.0–3.0% target range. The decline in November was broad-based, with reduced price pressures recorded for food, transportation and communication, and education, culture and entertainment. Annual average inflation remained at October's 3.0% in November. Meanwhile, core inflation edged down to 3.4% in November from October’s 3.6%. Finally, consumer prices fell 0.37% from the previous month in November, contrasting October's 0.46% rise. November's result marked the weakest reading since January 2020.
Outlook: Continued above-target inflation will give the Central Bank pause for thought before embarking on any rate cuts; most panelists only see monetary easing in H2 2025, by which point inflation should be back within the target range.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Israeli inflation projections for the next ten years from a panel of 22 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Israeli inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Israeli inflation projections.
Want to get access to the full dataset of Israeli inflation forecasts? Send an email to info@focus-economics.com.
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