Osem chief executive officer Aviezer Kaplan has warned that food prices this year will rise by more than 10 percent, but added that the company will wait until after the Passover holiday next month before instituting the hikes. He said further price increases are in the offing in future years.

Kaplan explained the price of flour and cooking oil has risen sharply and that manufacturers cannot continue to absorb losses that are incurred. He also said there is a severe shortage in milk powder, a common ingredient in foods.