Israel Ministerial Body Discusses Mounting Inflationary Pressures

Israel Treasury sources reported today that the rise of Israel’s international trade deficit and the impact of mounting inflationary pressures were discussed at a special meeting of the Ministerial Economic Committee.

The importance of the talks was emphasized by the fact that Prime Minister Levi Eshkol presided over the meeting of the committee. Usually such meetings are under the chairmanship of the Finance Minister. The committee continued to discuss measures to cut consumer spending, which is currently well above the three percent maximum increase laid down by Israel’s economic planners.

The Cabinet members also discussed the labor shortage caused by the current high level of economic activity, Finance Minister Pinhas Sapir was reported urging his fellow Cabinet Ministers to show more restraint in their budget proposals for the coming fiscal year.

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