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Data released by Israel's Central Bureau of Statistics on Thursday showed that the annual inflation rate in Israel rose less than expected to 1.6% in September, a level that may support further interest rate cuts.
The September reading came in below the 1.8% forecast in a Reuters poll and falls within the government's target range of one to three percent.
Inflation reached its lowest level in five years at 1.5% in July and August.
The Consumer Price Index fell 0.5% in September compared to August, against expectations of a 0.3% decline.
The Bank of Israel is scheduled to hold its next interest rate meeting on October 21.
The bank has cut its key interest rate by 25 basis points in each of its last three decisions to 3.25%.
Central bank officials have hinted at the possibility of further interest rate cuts if inflation remains under control.
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