Tel Aviv, May 23 : Amid inflation, the Bank of Israel (BOI) announced that it was raising its benchmark interest rate by 0.25 percentage points to 4.75 per cent, the highest level since November 2006. This is the 10th consecutive increase in the benchmark rate since April 2022, which stood at 0.1 per cent, reports Xinhua news agency. The central bank said that it is raising rates in order to combat inflation, which has been running above the government's target range of 1 per cent to 3 per cent for several months. In April 2023, inflation reached 5 per cent. The BOI said that it expects inflation to continue declining in the coming months, but it will remain above the target range for some time. The central bank also said that it will continue to monitor economic conditions and adjust interest rates as needed. /IANS