A nine percent rise in the price of fuel and basic commodities took effect last night. The Finance Ministry said the increases were necessary to avoid fuel subsidies and higher subsidies for food. They are expected to raise the consumer price index by 1.5 percent during May and June.
Public transportation prices will go up by 25 percent, beginning May 16 and similar increases are expected in the price of postal and telephone services. The fuel price rise is expected to increase electric utility bills by six percent. The Energy Ministry said today that the higher price of fuel reflected the 10 percent devaluation of the Shekel relative to the U.S. Dollar in mid-March.
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