(Israel Hayom/Exclusive to JNS.org) Food prices in Israel are 25 percent higher than in European Union nations, a new report by the Knesset Information and Research Center said.
The information presented to a Knesset subcommittee on food prices, suggests that over the past eight years, food prices in Israel have increased by 16%, compared to an average 1.8% increase among other Organization for Economic Cooperation and Development members.
The price hike in Israel is twice as high as in Turkey, where prices rose by 8% over the same period of time and it is four times higher than the 4% hike noted in Belgium. Food prices in Israel are 32% higher than prices in France.
The report further warned of a possible 200% increase in produce prices, citing a shortage in fruits and vegetables due to extreme weather conditions and the beginning of shmita (the agricultural sabbatical year).
The subcommittee is currently preparing a bill meant to cut food prices. The bill aims to promote competition in the food and beverages industries, which are highly centralized.