Israel raised its interest rate on Monday, an indication that its economic chiefs believe the effects of the worldwide recession are easing. Bank of Israel Governor Stanley Fischer announced an interest hike of a quarter of a percent, making the rate three-quarters of one percent. A statement Monday from the central bank noted that inflation last month was 1.1 percent, well above the target rate. The statement noted an upward trend but admitted, "there is great uncertainty regarding the expected rate of growth." Industrialists Association head Shraga Brosh said the hike was a mistake. In an interview with Army Radio, he said that the hike might harm the country's fragile growth. The move was the first of its kind by a Western country since the onset of the global economic crisis.