Israel's student union on Thursday called off planned weekend demonstrations against the high cost of living after a series of terror attacks in the south left seven people dead.

"There were meant to be protests throughout the country, with a central rally in Jerusalem, and we decided given the events to cancel them," union head Itzik Shmueli told Army Radio following the attacks near Israel's border with Egypt.

He added that a popular campaign against the government's economic policy, which kicked off last month and has drawn hundreds of thousands of Israelis onto the streets in mass demonstrations, would continue.