"Ministry of Economy Reveals Soaring Prices Amidst the war - Retailers Under Scrutiny"


by Ifi Reporter Category:Government Nov 14, 2023

Ministry of Economy shed light on concerning practices by retailers who seem to be taking advantage of the ongoing conflict. Published yesterday, the review exposes a surge in prices for various essential goods, accompanied by additional concessions that may adversely impact consumers.

Contrary to retailers' claims that price hikes were a result of the end of holiday promotions, the Ministry's inspection suggests a different narrative. While suppliers of finished products like dry food and toiletries maintained their prices, consumers experienced a notable increase. The Ministry's report, titled "The Israeli Economy and the Business Sector in a War of Iron Swords," discloses an average price rise of 5.6% for diapers, 4.9% for olive oil, and 3.1% for mineral water in October.

The investigation, conducted between October 29 and November 4, compared prices to the average from July to September. Notably, the study, based on data from the Pricez price comparison application, covered 3,125 products across 71 marketing chains, representing over 80% of the industry's revenue.

The Ministry's findings highlight sharper increases in fresh produce, such as a 4.2% spike in fish prices and a 4.1% rise in chicken prices. These hikes are attributed to a shortage of Thai workers in agricultural farms in the Gaza Strip and Palestinian workers in chicken slaughterhouses.

Meanwhile, as prices soared, the Consumer Protection Authority extended the exemption from price marking for retailers, a move criticized for potentially allowing subtle price increases. This exemption, which relieves retailers from individually marking prices on each product, was initially granted at the onset of the conflict. The obligation to mark prices on shelves, introduced in 1998, is considered a vital consumer right and a significant regulatory hurdle for retailers attempting frequent price changes.

With consumers already grappling with the impact of conflict, the revelation of price hikes and regulatory leniency raises concerns about fairness and transparency in the retail sector during these challenging times.



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