Inflation Israel 2023
Average inflation: 4.2%
Current Inflation
Inflation is high at 4.2%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 5.3%. The lowest inflation was in December at 2.9%.
- Highest month
- January: 5.3%
- Lowest month
- December: 2.9%
- Difference
- 2.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Transport with an average of 6.9%. The lowest price increase was in Clothing and footwear with an average of -8.1%.
- Highest increase
- Transport: 6.9%
- Lowest increase
- Clothing and footwear: -8.1%
Historical Context
Current inflation is 2.1% higher than the 5-year average of 2.1%. This approaches the highest level since records began (4.5% in 2008).
- 5-year average
- 2.1%
- 10-year average
- 1.1%
- All-time high (2008)
- 4.5%
- All-time low (2020)
- -0.6%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -0.2 percentage point.
- Change vs. previous year
- -0.2 percentage points
- Largest monthly swing
- December: -2.4 percentage points
ECB Target
Inflation is 2.2% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €104.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 5.3% | +2.1 |
| February | 5.2% | +1.7 |
| March | 5.0% | +1.5 |
| April | 5.0% | +1.1 |
| May | 4.6% | +0.4 |
| June | 4.2% | -0.3 |
| July | 3.4% | -1.7 |
| August | 4.3% | -0.3 |
| September | 3.9% | -0.7 |
| October | 3.7% | -1.4 |
| November | 3.3% | -2.0 |
| December | 2.9% | -2.4 |
| Average | 4.2% |
Data source
Data from OECD. Last updated: 11/01/2026.