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Israel: Liberman to present plan to stop price increases

As the prices of electricity, gasoline and water soar and the public is exerting pressure on companies to stop raising the prices of their products, Finance Minister Avigdor Liberman is expected to present a plan next week to curb the continuation of rising prices, Channel 12 News reported on Friday.

Among the measures expected to be included in the plan presented by Liberman:

Lowering taxes in order to reduce the cost of additional products, subsidizing part of the increase in electricity prices so that they will increase by only 2-3%, and lowering taxes for low- and middle-wage incomes.

The Ministry of Finance is also debating whether to lower taxes as a countermeasure to the rising cost of living.

The Ministry is seriously considering lowering taxes through more credit points, using negative income tax grants to tax negative income or by lowering income tax brackets.

Reports of the plan come a day after the Osem-Nestle company announced that it will cancel the price increase of its products completely, after having previously announcing only that the increase will be postponed by three months.

The company noted that “this decision was made despite the fact that in the past year the company has experienced an unprecedented cumulative increase in production inputs and operating costs.”

Earlier this week, tens of thousands of people shared a post from the Facebook page of the Channel 13 program “Hazinor”, which called for a boycott of pasta made by Osem due to the high price difference between their pastas and pastas made by competing brands.

A day later, Osem’s leadership met with Liberman. During that meeting, it was agreed upon that, during the next three months, there will be an in-depth examination of various ways to reduce the price increases of the company’s products.

Source: Arutz Sheva

Header: People shop at a supermarket branch in Givat Shaul, Jerusalem, October 27, 2021. (Yonatan Sindel/Flash90)