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| Expected inflation rate (percent) | M1 money supply | ||||||
| Calculated from capital marketa | Average inflation forecastsb 12 months forward | Average monthly balance (NIS billion) |
Rate of change (percent) | ||||
| For first year | For second year | For third year and after | Monthly |
Previous 12 monthsc | |||
| Annual data: d | |||||||
| 2002 | 2.2 | 3.8 | 5.4 | 2.6 | 30.6 | 2.7 | 4.9 |
| 2003 | 0.7 | 2.6 | 2.8 | 2.0 | 33.0 | 1.7 | 7.7 |
| 2004 | 1.4 | 1.9 | 3.5 | 2.1 | 38.9 | 1.3 | 18.0 |
| 2005 | 1.7 | 2.1 | 2.6 | 2.1 | 48.2 | 3.0 | 23.8 |
| 2006 | 1.2 | 1.6 | 2.1 | 1.9 | 52.1 | 4.6 | 8.3 |
| 2007 | 1.4 | 1.9 | 2.3 | 2.0 | 61.2 | 2.0 | 17.4 |
| 2008 | 1.9 | 2.2 | 2.7 | 2.5 | 71.9 | 3.9 | 17.4 |
| 2009 | 1.8 | 2.6 | 2.5 | 1.8 | 109.6 | -0.5 | 52.1 |
| 2010 | 2.9 | 2.8 | 2.6 | 2.7 | 114.7 | 2.8 | 4.6 |
| 2011 | 2.7 | 2.7 | 2.6 | 2.8 | 116.5 | 2.2 | 1.6 |
| 2012 | 2.3 | 2.4 | 2.5 | 2.3 | 127.9 | 3.1 | 9.8 |
| Monthly data: e | |||||||
| 2011 | |||||||
| January | 3.3 | 3.0 | 2.7 | 3.0 | 116.8 | 1.8 | 8.6 |
| February | 3.8 | 3.1 | 2.7 | 3.1 | 114.2 | -2.2 | 8.1 |
| March | 3.7 | 3.2 | 2.7 | 3.1 | 113.2 | -0.9 | 4.9 |
| April | 3.1 | 3.0 | 2.5 | 3.1 | 115.6 | 2.1 | 4.8 |
| May | 3.2 | 2.9 | 2.5 | 3.1 | 115.8 | 0.2 | 3.9 |
| June | 2.9 | 2.9 | 2.6 | 3.0 | 118.9 | 2.6 | 7.6 |
| July | 3.0 | 2.8 | 2.7 | 2.9 | 114.2 | -3.9 | 0.7 |
| August | 2.1 | 2.3 | 2.5 | 2.7 | 117.2 | 2.6 | 4.2 |
| September | 1.9 | 2.2 | 2.4 | 2.4 | 114.7 | -2.2 | 0.6 |
| October | 1.7 | 2.2 | 2.6 | 2.2 | 114.1 | -0.5 | 0.8 |
| November | 1.8 | 2.3 | 2.5 | 2.2 | 114.1 | -0.1 | 2.3 |
| December | 1.9 | 2.4 | 2.5 | 2.3 | 116.5 | 2.2 | 1.6 |
| 2012 | |||||||
| January | 2.3 | 2.4 | 2.5 | 2.2 | 114.6 | -1.7 | -1.9 |
| February | 2.7 | 2.5 | 2.6 | 2.3 | 114.2 | -0.3 | 0.0 |
| March | 2.8 | 2.6 | 2.5 | 2.5 | 113.9 | -0.3 | 0.6 |
| April | 2.5 | 2.6 | 2.5 | 2.6 | 120.7 | 6.0 | 4.5 |
| May | 2.2 | 2.3 | 2.5 | 2.4 | 119.2 | -1.3 | 3.0 |
| June | 2.1 | 2.3 | 2.4 | 2.1 | 121.0 | 1.5 | 1.8 |
| July | 2.0 | 2.5 | 2.3 | 1.9 | 122.0 | 0.9 | 6.9 |
| August | 2.2 | 2.4 | 2.4 | 2.5 | 125.2 | 2.6 | 6.8 |
| September | 2.2 | 2.5 | 2.4 | 2.6 | 127.5 | 1.9 | 11.2 |
| Octoberf | 2.4 | 2.5 | 2.4 | 2.2 | 125.9 | -1.3 | 10.3 |
| Novemberf | 2.2 | 2.3 | 2.5 | 1.9 | 124.1 | -1.4 | 8.8 |
| Decemberf | 2.2 | 2.2 | 2.6 | 1.9 | 127.9 | 3.1 | 9.8 |
| current figureg | 2.3 | 2.2 | 2.7 | 2.0 | |||
a. Inflation expectations are defined as the rate of inflation that would make
the yields on indexed and unindexed government bonds equal (break-
ven inflation); they include an inflation-risk premium.For an explanation for
how the expectations are calculated, click here.
b. Simple arithmetic mean of the inflation forecasts of the commercial banks
and economic consultancy companies that publish their forecasts on a
regular basis.
c. The percentage change in the level in the current month compared with
the level in the equivalent month in the previous year.
d. Annual data: expected inflation rate––annual averages; M1 money supply
–December averages.
e. Monthly data: monthly averages.
f. Money supply data are preliminary data.
g. Expectations derived from the capital market––average of the CPI month
(i.e., from the 16th of the previous month to the 15th of the current
month). Forecasts––average of forecasts updated after the publication
of the CPI.