The Israeli government is planning to cut the price of eggs and dairy products, Globes reported on Sunday.
Minister of Finance Moshe Kahlon and Minister of Agriculture and Rural Development Uri Ariel are expected in the next few days to authorize the reduction of controlled dairy product prices by an average of 3%, and egg prices by 4.6%. Retail prices should reflect the changes accordingly.
The cuts are made possible mainly due to a 4.35% drop in the price of raw milk, and a 5% fall in egg farmers’ production costs.
Meanwhile, the Ministry of Finance has issued a report showing that 52.3% of Israelis fail to earn above the income tax threshold of NIS 4,905 per month. In all, 54.5% of salaried employees fail to reach NIS 4,905 per month as well as 33.8% of the self-employed. The report also found that 20% of the highest earners paid 80% of Israel’s direct taxes.