Israel annual inflation hits four-year low
Summary
Israel's annual inflation rate fell to 2.4 percent in November 2023, its lowest in four years, driven by shekel appreciation and weaker consumer spending, prompting a central bank interest rate cut.
Key Points
- Israel's annual inflation rate dropped to 2.4% in November 2023, the lowest in four years.
- Inflation returned to the government's target range of 1-3 percent, allowing a base interest rate cut.
- The shekel's sharp appreciation and weaker consumer spending mainly drove the inflation decline.
- The central bank is unlikely to cut interest rates again soon due to political and security uncertainties.
