Date |
Calculated from capital market1 |
Average of the inflation forecasts for the 12 months ahead4 |
One-year inflation expectations derived from internal interest rates5 |
One-year expectations derived from inflation contracts7 |
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For the first year |
For the second year (forward) |
For the third year (forward) |
For years 3–5 (forward)2 |
For five years |
For years 5–10 (forward)3 |
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Annual data: |
|
|
|
|
|
|
|
|
|
2010 |
2.6 |
2.8 |
2.9 |
3.0 |
2.9 |
2.5 |
2.7 |
2.7 |
|
2011 |
2.5 |
2.7 |
3.0 |
2.9 |
2.8 |
2.4 |
2.8 |
2.7 |
|
2012 |
2.1 |
2.7 |
3.0 |
2.6 |
2.6 |
2.3 |
2.3 |
2.1 |
2.1 |
2013 |
1.7 |
2.4 |
2.6 |
2.4 |
2.3 |
2.4 |
1.8 |
1.6 |
1.7 |
2014 |
1.2 |
1.8 |
2.2 |
2.0 |
1.8 |
2.3 |
1.3 |
1.0 |
1.2 |
2015 |
0.6 |
1.3 |
1.4 |
1.6 |
1.3 |
2.0 |
0.8 |
0.4 |
0.4 |
2016 |
0.2 |
0.8 |
1.1 |
1.4 |
1.0 |
2.2 |
0.6 |
0.1 |
0.1 |
2017 |
0.2 |
0.7 |
1.1 |
1.5 |
1.0 |
2.1 |
0.6 |
0.3 |
0.3 |
2018 |
1.0 |
1.2 |
1.5 |
1.6 |
1.4 |
1.9 |
1.0 |
0.7 |
0.9 |
Monthly data: |
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
January |
0.5 |
0.9 |
1.1 |
1.5 |
1.1 |
2.2 |
0.7 |
0.3 |
0.4 |
February |
0.8 |
1.0 |
1.3 |
1.5 |
1.2 |
2.1 |
0.7 |
0.4 |
0.5 |
March |
0.6 |
1.0 |
1.3 |
1.4 |
1.1 |
2.0 |
0.8 |
0.5 |
0.6 |
April |
0.7 |
1.1 |
1.4 |
1.4 |
1.2 |
1.9 |
0.8 |
0.5 |
0.7 |
May |
0.8 |
1.2 |
1.4 |
1.6 |
1.3 |
1.9 |
0.9 |
0.7 |
0.9 |
June |
1.2 |
1.4 |
1.5 |
1.7 |
1.5 |
1.9 |
1.0 |
0.7 |
1.0 |
July |
1.5 |
1.4 |
1.5 |
1.7 |
1.6 |
1.8 |
1.0 |
0.9 |
1.2 |
August |
1.4 |
1.4 |
1.6 |
1.7 |
1.6 |
1.9 |
1.2 |
0.9 |
1.2 |
September |
1.3 |
1.3 |
1.6 |
1.7 |
1.5 |
1.9 |
1.1 |
0.9 |
1.2 |
October |
1.2 |
1.4 |
1.7 |
1.7 |
1.5 |
1.9 |
1.1 |
0.9 |
1.1 |
November |
1.0 |
1.3 |
1.5 |
1.7 |
1.5 |
1.8 |
1.1 |
0.8 |
1.0 |
December |
1.2 |
1.5 |
1.5 |
1.6 |
1.5 |
1.7 |
1.1 |
0.9 |
1.1 |
2019 |
|
|
|
|
|
|
|
|
|
January |
1.0 |
1.5 |
1.6 |
1.6 |
1.4 |
1.7 |
1.1 |
0.9 |
1.1 |
Current data6 |
1.0 |
1.5 |
1.6 |
1.6 |
1.5 |
1.8 |
1.2 |
0.9 |
1.1 |
www.boi.org.il/en/DataAndStatistics/Pages/InflationExpectationsExplanation.aspx
3 Forward expectations for full years, from the end of the fifth year to the end of the tenth year.
4 The simple arithmetic mean of the inflation forecasts of commercial banks and economic consulting companies that provide their forecasts to the Bank of Israel on a regular basis.
5 Expectations derived from the internal interest rates of the five large banks, calculated as the ratio between unindexed interest rates and CPI-indexed interest rates. The internal interest rate is calculated for each bank as the average of its marginal price for raising funds (deposits) and its marginal price for allocating uses (credit).
6 For expectations derived from the capital market and expectations based on internal interest rates—average for the CPI month (from the previous CPI reading through the most recent figure prior to the publication of the current CPI); forecasts—the average of forecasts which were revised after the CPI was published.