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Price of milk on Israel going up 4.48 pc

Middle East | April 17, 2024 12:29:16 AM IST
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Tel Aviv [Israel], April 16 (ANI/TPS): Israel's Ministry of Agriculture said that, according to the periodic price calculation, an increase of 4.48 per cent in the price of milk will go into effect on May 1, 2024. The price of eggs will remain unchanged.

The results of the periodic price calculation, said the ministry, showed that the prices of dairy products under consumer supervision should be increased by an average rate of 4.48 per cent.

According to the calculation in the milk, the update was affected by the current price increase in indices of 1.13 per cent, as well as an addition of 3.35 per cent as part of the price spread agreement from May last year, which was signed between the dairies and the Ministry of Finance and the Ministry of Agriculture, on the eve of the previous price increase.

The current component was affected by the increases in the consumer price index (1.5per cent), the wage index (2.7 per cent) and the price of raw milk (0.6 per cent).

The price calculations are reviewed according to fixed formulas every six months to a year within an automatic mechanism that does not require the signature of ministers and takes into account the changes that have occurred in the main inputs in the production of the products taking into account the change in the input and price indices. (ANI/TPS)