The Bank of Israel raised its interest rate by 0.5% on Monday, in an effort to combat rising inflation in the Israeli economy. The new rate, now standing at 3.25%, represents the sixth in a recent series of increases carried out by the BOI since April of this year, when it sat at a record low of 0.1%

The country’s consistently rising inflation has crossed 5.1% as of October, according to the Central Bureau of Statistics.

Inflation in Israel

In a report from Globes, Psagot Investment House chief economist Guy Beitor said that “Inflation in Israel has still not reached its peak,” noting that, according to the October CBS report, food and housing prices are continuing to climb.

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