Cabinet approves ministerial committee to fight rising prices

The cabinet approves the formation of a ministerial committee to tackle the cost of living amid persistent price rises.

“We will formulate a plan, lead reforms and act with all means to ensure that the government implements the necessary actions,” Prime Minister Benjamin Netanyahu says at the weekly cabinet meeting.

Chaired by Netanyahu, the panel includes 13 other ministers, overseeing the following ministries: finance, economy, agriculture, environmental protection, energy, health, welfare, religious services, housing, development of the Negev and Galilee, tourism, immigration and communications.

In addition, the Bank of Israel governor and the next head of the Competition Authority will be “permanent invitees,” alongside a number of professional staff.

Netanyahu first announced plans for the panel last week shortly after the coalition passed the 2023-2024 state budget, which was criticized for not addressing market concentration and import power, two key drivers of Israel’s soaring costs.

Last week, Netanyahu met with the finance and agriculture ministers to open discussions on the committee.