Israeli Prime Minister Benjamin Netanyahu on Monday chaired the first meeting of the Ministerial Committee on the Fight against the Cost of Living.
“This meeting will be dedicated, first of all, to presenting the problem. Prices in Israel are significantly higher than they are on similar or identical products in most developed countries. There is no objective justification for these gaps,” said Netanyahu.
“There are geological layers here of open and hidden monopolies and all kinds of impediments to competition. Additionally, I have gained the impression recently that the importers, manufacturers and distributors have simply lost all restraint,” he added.
“We are meeting here, and we will meet from time to time, because we are going to evaluate this, and we are going to fight it. This has not been decreed by fate. Israel does not need to be more expensive than most developed countries. Together with my government colleagues and the professional teams, we will wage a determined battle against the cost of living,” Netanyahu said.
He noted that at the next meeting in two weeks, professionals would submit practical steps to combat rising prices.
The establishment of the committee was approved at Sunday’s weekly Cabinet meeting.
The consumer price index has risen 5% over the past 12 months (April 2022 to April 2023) and 2% since Netanyahu’s government was sworn into office at the start of the year, according to the latest data from the Central Bureau of Statistics.