"Food manufacturers rush to raise prices when global prices of ingredients rise, but when these prices fall, as in 2009-2010, the manufacturers don't lower prices and may even raise them," said MK Zahava Gal-On (New Movement-Meretz ), a member of the Knesset Finance Committee. She accused food companies of using the statistics on price increases in a manipulative fashion.
Gal-On asked Finance Minister Yuval Steinitz to act to require monopolies to release financial reports, even if they are not publicly traded.
"The cartelization of the food industry allows manufacturers to raise prices without any relation to the changes in world [food] prices. Whether the price of raw materials rises or falls, Israeli companies know only one direction: Up," said Gal-On.
Want to enjoy 'Zen' reading - with no ads and just the article? Subscribe todaySubscribe now