OECD Stats, probably based on fake statistics provided by Israeli government, show increase of food inflation by 4.8% in July 2023 comparing to the same period of previous year. The food inflation rate of only 4.8% in Israel seems fake. The real number is likely in the double digits. The latest OECD data for 2022 show that Israel has won a doubtful honor as the most expensive country to live in among the OECD. Over the year the price of chicken in Israeli supermarkets grew more than 100%. The prices of butter grew 20-30%.
The real food inflation number is likely much higher, and it is something that Israelis are feeling the pinch of.
Here are some other things to consider:
The Israeli currency, the shekel, has lost about 10% of its value against the US dollar in the past year. This has made imported food more expensive.
The war in Ukraine has disrupted global wheat supplies, which has also pushed up prices of flour, bread and chicken feedstocks.
📉 #Foodinflation continued to fall at the same pace as in the previous month, reaching 9.2% in July, its lowest level since February 2022, after 10.1% in June.
Compare your country⤵️
🔗https://t.co/0Vkxez1x9D#OECDStats pic.twitter.com/gPbJLvCvJ4— OECD Statistics (@OECD_Stat) September 7, 2023
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