© Shutterstock Another blow to the pocket: another food company raises the prices of its products
| Sonia Gorodisky, Israel Hayom |
The wave of price increases in the economy continues: the Zoglovac company announced today (Wednesday) a price increase and is updating its prices by 9.8%.
According to the company, the increase in prices is due to the increase in the prices of chicken and turkey by the Farmers Union by more than 30%. Zoglovac added that the prices of Wonders products will not be updated at this stage.
According to Ran Akerman, CEO of Zoglovac,
“For 12 years, we did everything in our power not to raise the prices of our products, through countless efficiency measures, but finally the increases in the prices of raw materials and inputs overwhelmed us. Our main raw material, chicken and turkey, became more expensive from the first quarter of 2021 by more than 30%. During the last 12 years, most of our raw materials, packaging materials and inputs (property tax, electricity and water) have become more expensive at double-digit rates.
“The price increase of this magnitude brings us to losses. The realistic price update that is required of us, to deal with the wave of price increases, is at a rate of 20%, but we decided to update the prices at the minimum possible rate of 9.8%. We will continue to absorb a large part of the price increases, hoping that we will also see decreases in some of our materials The raw material in the coming period”.
Read the full article on the Israel Today website