Workers: The variant will reduce inflation in the short term

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Following the outbreak of the omicron strain
Workers: The variant will reduce inflation in the short term
Bank Hapoalim [צילום: מרים אלסטר, פלאש 90]


The Bank’s forecast also states: “The ability of the Israeli economy to contain such events has increased, and the public does not change its behavior as in the first waves.” The Bank has updated that it is reducing the inflation forecast for the coming year to a rate of 1.8% due to falling oil prices

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“The Omicron variant restored the feeling of fear in the markets, and similar to the first months after the eruption of the corona, it was accompanied by a sharp drop in world energy prices,” according to a report by Bank Hapoalim ahead of Hanukkah in the shadow of the Omaricon variant.

The Bank’s forecast further states that “after four corona waves, and in light of high vaccination rates, the Israeli economy’s ability to contain such events has increased, and the public does not change its behavior as in the first waves. “It is less likely that we will see a mass exodus of workers to the IDF again, and extensive government assistance programs.”

In the short term, the new variant bank acts to reduce inflation, mainly through energy and commodity prices, and possibly also through prices of flights abroad (as long as it is measured). In the medium term inflation is more affected by supply factors, and restrictions now imposed Production and supply.

In light of this, a bank has announced that it is reducing its inflation forecast for the next 12 months to a rate of 1.8%, due to falling oil prices.

The world’s central banks are meeting the new variant with a limited toolbox and high inflation. In Israel, the surprise in the consumer price index in October allows the Bank of Israel to significantly postpone the date of the interest rate hike, a degree of freedom that did not exist in New Zealand or South Korea, which raised interest rates due to high inflation. The decline in inflation expectations also supports a change in interest rates. The inflation environment of the economy is higher than that reflected in the consumer price index, and it is reflected in asset prices, as well as the rapid increase in credit in the economy. These considerations will gain more weight next year, after the Fed begins to raise interest rates. In light of this, Bank Hapoalim estimates.

date: 28/11/2021 | Updated: 28/11/2021

Meirav Arad

Workers: The variant will reduce inflation in the short term

The committee of five, which manages the Meron site, did not act until after the disaster against the illegal construction on the mountain that was built for decades before its establishment in 2008. This is what the committee member, Rabbi David Darley, said (Sunday, 28.11.21) in his testimony to the Naor Committee. Yaakov Haim Miller, who organizes the area for some of the Hasidim, claimed in his testimony that the Moshav Meron committee illegally collects payments for the use of its land and issues fictitious invoices against them.

Rotem Energy Minerals (RAM) recently selected the engineering and infrastructure giant SEPCO 3 as a contractor to build the recycling facility and recover energy using Israel’s largest oil shale. In a partnership through the purchase of participation units at a price about 50% higher than the market value. The scope of the investment of NIS 1.5 million will help advance the project towards financial closure.

The Constitution Committee discussed (Sunday, 11/28/21) the restrictions on leaving Israel and the obligation to isolate in hotels following the new Omikron variant. Dr. Sharon Elrai Price, Head of Public Health Services, also participated in the discussion. At the end of the discussion, the committee approved the entry and exit route from Israel. After receiving a negative answer, after receiving a negative answer, they will be transferred for further home isolation and on the seventh day they will perform another PCR test. Subject to a negative answer in the second test, they will be released from isolation.

Mekorot is requesting (20.11.21) the Central District Court to cancel the demand for the payment of development levies in the amount of NIS 20 million issued to it by the Yavne Municipality. The municipality justifies the requirement by paving roads and sidewalks in the streets bordering the basins of introduction in the Mekorot restoration system, to which the wastewater is transferred as a supplement to the treatment they underwent at the Shafdan facility.

The Prime Minister’s Office requests (28.11.21) the Jerusalem Regional Labor Court to prohibit the ministry’s security guards from taking organizational measures and disrupting work, in order to prevent disproportionate damage and a real risk to the security of the ministry’s employees, including the prime minister and ministers. The tribunal is asked to order the cessation of sanctions and disruptions in the security of the Prime Minister’s Office and the home in Raanana of the Prime Minister, Naftali Bennett. He also seeks to ban security workers from disrupting the day-to-day existence of government and ministerial discussions.

Meirav Arad
Itzik Wolf
Yoav Yitzhak

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