Israel: Dairy prices to rise by nearly 5%
The milk price will remain at the inflated rate until May 2023 before reverting to the original price
Israel's Dairy Board on Sunday approved a price hike of 4.9 percent for dairy products country-wide.
This comes as inflation rocks the Jewish state, causing the price of goods to rise dramatically.
Reports note that the board initially discussed a 14 percent hike, but negotiations with the Finance and Agriculture Ministries resulted in the lower hike. The talks took several months, held up by the dispersal of Israel's parliament (Knesset).
A reason for the hike is due to the price of grain used to feed livestock rising significantly - a result of Russia's invasion of Ukraine, which began nearly six months ago.
The milk price will remain at the inflated rate until May 2023 before reverting to the original price, with a possibility of being raised again.
CEO of the Dairy Council, Itzik Schneider, said in a statement, "The dairy industry proves time and time again that there is someone to trust."
Schneider also mentioned how dairy farmers working in the Gaza border areas were "working under fire" during Operation "Breaking Dawn," which saw conflict between Israel and the Hamas-ruled enclave.
"Local production of dairy products is critical for Israel's food security, and the government must act to strengthen it," he continued.
Although still far below the United States's inflation rate - which stood at 8.5 percent - Israel's rate of inflation in July was the highest it's been for several decades, standing at 5.2 percent.
The high inflation has resulted in the cost of living becoming a primary issue for candidates running in the November 1 general election.
A survey by the Israel Democracy Institute showed that 44 percent of Israelis think that the parties’ platforms on economic issues and their plans to bring down the high cost of living are currently the number one factor in deciding which party to vote for.