The Bank of Israel on Monday announced the increase of its benchmark interest rate for the seventh time in a row to try to curb inflation that remains above 5%.

The central bank lifted its key rate by 50 basis points to a 14-year high of 3.75% from 3.25%. In April, policymakers began raising the rate from 0.1%.

Despite the rate hikes, Israel's annual inflation rate rose to a 14-year high of 5.3% in November from 5.1% in October.

(With input from Reuters)