Food prices in Israel are currently 5.5 percent lower than the peaks of 2013 and 2015 as competition among food retailers increased, according to a survey published Sunday by the treasury's chief economist, the Globes financial publication reports.
In a detailed analysis, the treasury emphasizes the decline in the profitability of the Rami Levy and Victory chains, which came precisely against the backdrop of the rapid expansion of these chains, noting that Supersol was also experiencing a decline in profitability. The Ministry of Finance notes that the decline in food prices stemmed from a five-percent increase in the average wage between the fourth quarter of 2015 and the fourth quarter of 2017, and therefore reflects an increase in the purchasing power of Israelis.