As wheat prices grow, bread prices to rise

The price of bread will rise after the holidays.

The Ministry of Industry, Trade and Labor will raise the price bread as a result of the rise in the price of wheat during August. Supervisor of Prices Zvia Dori said that the calculation for the cost of bread inputs showed a rise of 3.62%. If the cost of inputs is higher than 3%, the price of price-controlled bread is raised.

Minister of Industry, Trade and Labor Benjamin Ben-Eliezer instructed Dori to raise the price of bread only after holidays. He said, "There are many poor families in Israel, and we should avoid, as far as possible, from putting an additional financial burden on them during the Jewish holiday season."

In early August, the Ministry of Trade raised the price of bread by 3.55% because of the rise in global wheat prices. The ministry cut the price of bread three times during 2009, and raised them once. The upcoming price hike will return bread prices to their level of 2008.

Published by Globes [online], Israel business news - www.globes-online.com - on September 6, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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