Former PM Naftali Bennett Promises 30% Cut in Consumer Prices Amid Election Campaign
Former Israeli Prime Minister Naftali Bennett has returned to the election race with a major promise to reduce consumer goods prices by 30%, aiming to save the average family around 8,000 shekels annually. His plan focuses on combating market concentration, dismantling monopolies in the food sector, removing import barriers, and increasing competition. Bennett specifically named companies such as Tnuva, Strauss, Diplomat, Shestovitz, and Shufersal as targets for these reforms. "What was will not be what will be," Bennett declared while unveiling the initiative, asserting that these measures will bring Israeli prices closer to those in developed countries.
However, this is not Bennett's first pledge to tackle the high cost of living. In February 2022, during his tenure as prime minister amid a wave of price hikes, he announced forthcoming steps to reduce living costs, especially food prices, emphasizing "competition, competition, competition" as the key solution. Despite these promises, the public did not see a significant price drop during his government. Instead, a Knesset Research and Information Center report from February 2022 found that new taxes and measures implemented at the time increased household expenses by an average of 1,235 shekels annually, disproportionately affecting lower-income groups.
It is important to note that not all price increases were under government control, as Israel, like many countries, faced global inflationary pressures. Bennett's government did attempt to promote competition and reduce import barriers. Now, four years later, Bennett is making an even bolder promise, committing to a 30% reduction in consumer product prices and substantial family savings. Whether this will materialize remains uncertain, but voters are reminded that Bennett has previously held the prime minister role and made similar commitments without delivering the promised relief. He is now asking for another chance to fulfill these ambitious goals.
