There Red Sea crisis had a very major impact on Israel’s economy and Israeli citizens. Starting from May 25th, a new wave of price increases was recorded. “An increase in the price of food commodities in Israel following increased import and production costs due to the Yemeni blockade.” We read it in the posts on the Israeli social sphere.
The wave of rising food prices has intensified in Israel, due to the repercussions of the war, in particular the ban imposed by Sana’a forces on the arrival of ships in Israeli ports, according to one of the largest food companies in the country. Israel has therefore announced a new increase in its products, due to the high costs of production and import of raw materials.
On May 25, the website of the Jewish business newspaper “Calcalist” published a report stating that “a few months after increasing the prices of some of its products, the Osim Company (one of the largest food companies in Israel) has increased prices again, as the company will increase prices of baked goods by 5.9%, snacks by 4.5%, coffee by 6%, sub-brand concentrated juices by 6%, ready meals such as hot dishes, including chips and homemade cakes at 5.9%, plates at 5% and chips at the same rate.”
According to the report, “The company explained that the increase was due to significant increases in raw material prices, production costs and logistics costs.” “The price increase, which will take effect in approximately one month, only partially offsets the increase in production costs,” the company said.
The report states: “The price increase comes about three and a half months after the company itself announced a price increase of up to 9% on many of its products, including salads, soups, ketchup, sauces, biscuits and produce chocolate-based”. “The report explains that “the company rejected Economy Minister Nir Barkat’s request to freeze the price increase”.
And still on economic matters, the Turkish energy company Zorlu Enerji has signed agreements to sell its shares in three companies operating in Israel. The news is from May 30th.
Zorlu Enerji in a statement published on the Istanbul Stock Exchange writes: “The sale of the shares is carried out within the framework of the investment policies and strategies of the Zorlu Group with the aim of focusing on medium-term renewable energy projects.” As a result, Zorlu sells his entire 42.15% stake in Ezotech Electric to Edeltech Ltd. for $5.4 million.
Antonio Albanese and Graziella Giangiulio
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