Stiebel, the largest flour producer in Israel, announced tonight (Wednesday) a price increase, starting tomorrow. In a statement issued by the company, it cited the Russia-Ukraine war as the main cause of the rise in prices. “The war caused drastic increases in raw material prices, and the rate of increase reached a peak of 14 years,” they claimed, also blaming the “waiting of ships, dysfunction in ports, energy, electricity and fuel costs.”
The company noted that the rise in prices will begin tomorrow, and that the percentage change will be updated over the next few days. “We hope this event will end soon and the commodity market will return to a normative price range,” they wrote.
In addition, they warned of another price increase, at a rate of tens of percent, “if the commodity market does not return to its state before the outbreak of war.” The additional rise in prices may occur in the coming weeks.