Posted on 02/04/22
| News Source: i24
'We need to come together to find a common path based on the contribution of all factors'
The brand Osem-Nestlé announced Thursday evening that it agreed to cancel the price increase in Israel after several protests, including one organized in front of the Knesset in Jerusalem on Wednesday at noon.
The company initially announced that it would postpone its price hike until the spring before reversing its decision completely.
"Our decision to increase the prices of some of the company’s products was due to heavy increases in the prices of raw materials, packaging and transportation costs worldwide," the food giant said.
"Managing the cost of living in Israel does not rest solely on the shoulders of the food industry, and the country needs a strong, innovative, and leading food industry for all of our futures," Osem's statement continued.
"We also understand that in order to address the cost of living, we need to come together to find a common path based on the contribution of all factors, and we are ready to be among those who will lead this process."
Consumers have expressed outrage over the rising costs of goods, gasoline and electricity, prompting several manufacturers to bow to the pressure and postpone price hikes.