Israel left interest rates unchanged as it weighs a war-related economic slowdown and quickening inflation. The Bank of Israel held its base rate at 4.5% on Monday, in line with the estimates of all economists surveyed by Bloomberg.

The Bank of Israel left interest rates unchanged for the seventh straight meeting on Monday, saying inflation remains high but that military conflicts are keeping economic growth weak.

Inflation remains above target and is expected to increase over the coming months as supply constraints persist.

Israel’s central bank is set to hold interest rates for a seventh consecutive time, as it weighs how wars in Gaza and Lebanon are quickening inflation and slowing the economy.