The Strauss Elite candy factory in Nazareth, Northern Israel
The Strauss Elite candy factory in Nazareth, Northern IsraelDavid Cohen/FLASH90

Strauss, one of Israel's largest food companies, on Monday announced that it will raise the price of the rest of its products by 1.4% to 6%, Israel Hayom reported.

The price hike follows a similar hike in the price of dairy products.

According to the Monday announcement, Strauss will raise the prices of Elite products, including instant coffee, freeze-dried coffee, capsules, sweet snacks, Splendid chocolate, Cheetos, potato chips, and Yad Mordechai olive oil.

Strauss emphasized that the prices of the affected products have not been updated in 12 years, and that the company's various prepared salads and dairy farm products are not included in the hike.

Strauss added that the price increase will only cover a fraction of the increase in the company's expenditures.

Retailers will begin paying the new prices on June 4, Israel Hayom added.

"The current change in prices is due to the force of reality and in light of the additional drastic rises in the prices of raw materials over the past several months, and the expectation that this trend will continue in the coming months as well," Strauss said. "It is clear to us that this is not a simple process, and that the [increase in the] cost of living affects every home in Israel. We did everything we could to ensure that the price updates would be specific and measured and only include items for which the price was not changed within the past 12 years. The update in prices only provides compensation for a small part of the increased costs that the company is absorbing."