JERUSALEM (Reuters) – All six rate setters at the Bank of Israel supported raising the benchmark interest rate by 0.5 point to 3.25% at their November 21 meeting in a move aimed at halting a rise in inflation, the central bank’s minutes showed on Monday.
The hike, which was expected, was the central bank’s sixth straight since April and followed two straight increases of 0.75 point. Inflation, though, remained at a 5.1% rate in October.
Bank of Israel Deputy Governor Andrew Abir last month told Reuters he saw rates peaking at above 3.5%, with a hope that inflation will return to its 1-3% target range in 2023.
(Reporting by Steven Scheer; Editing by Ari Rabinovitch)