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Going up. Sliced bread Photo: Chen Mika
Going up. Sliced bread Photo: Chen Mika
 
 

Subsidized bread prices to add 6.53%

Industry, Trade and Labor Ministry announces price hike for most basic item; claims prices have not been updated since 2011. Major retailers say will stay hike until after High Holiday

Meirav Crystal
Published: 08.13.12, 16:45 / Israel Business

The Industry, Trade and Labor Ministry's announced Monday that it plans to raise the prices of subsidized bread by 6.53%, citing a rise in global wheat prices.

 

The ministry said that subsidized bread prices have not been updated since February 2011. The new prices will take effect on Tuesday.

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According to the new price chart, the price of white and dark bread will rise from NIS 4.92 to NIS 5.24 ($1.23 to $1.31); the price of sliced bread will rise from NIS 7.38 to NIS 7.87 ($1.85 to $1.97) and the price of hallah will rise from NIS 6.56 to 6.99 ($1.64 to $1.75).

 

According to the World Bank, wheat prices have doubled since June, following the drought in the United States, but they are still 23% lower than their record high.

 

The drought has also hit soy and corn crops, creating a 45% spike in corn prices and a 30% increase in soy prices.

 

Following the announcement, Israel's major food chains – Supersal, Mega and Rami Levi – announced they will not raise prices before Rosh Hashana.

 

 

 

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