Milk and food companies raise prices by up to 7.4% – Madar News Agency

Milk and food companies raise prices by up to 7.4% – Madar News Agency
Milk and food companies raise prices by up to 7.4% – Madar News Agency

Madar News, published by 2023/05/17 at 5:29 PM

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Israel is witnessing a new wave of price hikes that include many commodities, basic materials, foodstuffs, and dairy products, after the rise in the prices of fuel, electricity, water, food, and supplies.

The cost of living table continues to rise, while many food and milk companies announced their intention to raise the prices of their products by up to 7.4%, as announced by the dairy company “Tnufa” today, Wednesday.

Calcalist newspaper, which deals with economic issues, reported that the Tnova company had informed retailers that it would raise the prices of its products by up to 7.4%, attributing this to the high prices of raw materials in the global markets.

According to the “Tnufa” company, it informed retailers of raising the prices of some dairy products by about 7.4%, while the prices of meat products of the “Tirat Zvi” company will be raised by about 5%.

It should be noted that the price increase of “Tnuva” products will reach 9%, provided that the updated prices will enter into force on the first of next June, noting that only about two weeks ago, the “Tnuva” company raised the prices of dairy products.

On the first of May, the prices of milk and dairy products increased by 9.28%, and the next four years are expected to witness additional increases, exceeding the total rate of the 16% increase over the previous prices.

“Tnuva” company said in a statement, after announcing the intention to raise prices for some products and dairy products, that they were forced in the company to raise prices “because of the sharp increase in the prices of commodities and raw materials in the past two years, including the prices of flour, chicken breast, beef, oil and vegetables. In addition to electricity, fuel, water, wages, and so on.”

For example, the company explained in its statement, “Raw chicken breast, which makes up at least 50% of the composition of many products, has become more expensive for the company by about 25% in two years, while the price of flour has become more expensive by about 43%.”

It is noteworthy that the Israeli government decided to gradually raise the prices of milk and dairy products in four batches, after the rate of increase scheduled for May this year was 16%, in light of the high cost of living in the country.