In the past two years, food prices in Israel have declined by about 5%, compared with an increase in other OECD member countries. The bad news is that despite the decline, prices in Israel are still about 19% higher than in other OECD countries. During the period in which there was a drop in the price of food, the average wage rose by 3%.
Minister of Economy and Industry Eli Cohen said that "OECD data are testimony to the success of the government's policy in the war against the cost of living and the variety of activities carried out by the government and the Ministry of Economy and Industry. Breaking the monopoly in regulation and releasing barriers are part of the measures taken by the ministry last year, and their purpose is to continue the trend in a way that will increase the range of products, improve competition and continue to lead to lower prices."
Over the past two years, the Ministry of Finance and the Economy have taken a wide range of measures aimed at facilitating regulation in order to reduce the cost of living and open the markets to competition, including the Cornflakes Reform, the opening of the Standards Institution for Competition, The reduction of corporate tax by 3.5%, the reduction of tariffs on consumer and food products that are not manufactured in Israel, and more.
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