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In an abrupt change, the price of fuel in Israel skyrocketed overnight by 28 shekels per liter, reaching a staggering NIS 7.22 per liter for Octane 95. This surge comes after a decision made at noon in a Ministry of Finance meeting to not extend the discount on the current price, effectively ending a fuel subsidy through tax reduction that lasted for a year and a half

In a groundbreaking move, State Comptroller Mattaniho Engelman is recommending a comprehensive reassessment of Israel's fixed inflation target, which has remained unchanged at 1% to 3% per year for two decades. The recommendation comes as inflation exceeded the government's target, leading to deviations that could significantly impact the state budget and corporate financial planning. Engelman's call for a reevaluation is grounded in the recent economic developments, particularly the surge in inflation post-COVID, with the inflation rate reaching 5.3% in 2022. The State Comptroller's...

In a significant development, Wissam Tawil, a senior Hezbollah official recently appointed as the commander of the Radwan Force, the elite unit of the Lebanese terrorist organization, was killed on Monday. The attack, reportedly attributed to Israel, targeted Tawil's car in the town of Hirbat Salem in southern Lebanon

In a recent report from the Chief Economist Division at the Ministry of Finance, November 2023 witnessed a partial rebound in housing market activity compared to the previous month. However, the numbers remain alarmingly low, marking the lowest level of transactions recorded in November over the past two decades

In a sobering revelation, the Ministry of Finance anticipates a staggering 6.5% deficit of the GDP for the year 2024, attributing the alarming shortfall to heightened expenses associated with financing ongoing military efforts. The updated draft of the budget proposal, yet to be officially distributed, sheds light on the financial predicament gripping the nation

Despite a 0.1% decrease in the Consumer Price Index (CPI) for December, Israel concluded 2023 with a yearly inflation rate of 3%, precisely hitting the upper limit of the government's targeted range (1%-3%). This marks a notable slowdown compared to 2022, which saw a substantial 5.3% increase in prices

Recent data from the Central Bureau of Statistics (CBS) paints a complex picture of Israel's economic landscape in October, the month when the war broke out. The average salary for a salaried employee stood at NIS 12,492, showing a 6% increase compared to October 2023 but a noticeable dip from September's almost NIS 13,000. Adjusted for inflation, the average salary at constant prices was NIS 10,619, reflecting a modest 2.2% uptick from October the previous year

In a surprising move, Solaredge, a prominent player in the renewable energy sector, has unveiled plans for an extensive streamlining program, involving the layoff of 900 employees, with 550 job cuts in its home base, Israel. This amounts to a significant 16% reduction in the company's workforce, which currently stands at around 5,500 employees

In a recent hearing at the Knesset's finance committee, Professor Amir Yaron, the Governor of the Bank of Israel, voiced apprehensions regarding the potential downgrade of Israel's credit rating. Prof. Yaron acknowledged the increased risk premium since October 7, emphasizing the necessity for the government to implement challenging measures in the 2024 state budget to address economic concerns

In the wake of escalating tensions between Turkey and Israel, a growing number of Israeli consumers are expressing concern about unwittingly purchasing products with Turkish origins. While the import of certain goods like tomatoes and vegetables from Turkey has been halted, many popular international brands continue to manufacture products in Turkish factories, raising eyebrows among Israeli shoppers