Food retailers’ proceeds sluggish

CBS: The proceeds of large food retailers increased 0.6 percent in the May-July period.

August 23, 2012 23:15
1 minute read.
Supermarket [illustrative photo]

Supermarket shopping cart groceries food jeans 390. (photo credit: Thinkstock/Imagebank)

The proceeds of large food retailers increased 0.6 percent in the May-July period, down from 3.2% growth in the previous three-month period, the Central Bureau of Statistics reported Thursday.

Retail chains’ proceeds increased 2% in May-July, compared to a 4.9% increase in February-April. The statistics bureau defines a chain store as any business with more than three stores that sells a variety of products, including food.

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The statistics bureau released its data against a backdrop of continuing consumer discontent over the high cost of living, especially the cost of food.

Last week, the Agriculture Ministry forecast that egg, milk and poultry prices will rise by up to 17% by the end of this year, mainly due to a prolonged drought in the United States that has triggered a rise in the cost of agricultural commodities.

At the same time, the Industry, Trade and Labor Ministry raised the price of government- supervised bread by 6.53%.

Large supermarket chains and food manufacturers have been the targets of consumer campaigns over the past 14 months. Protests over the cost of living were sparked in June last year when tens of thousands of Facebook users promised to boycott cottage cheese produced by Israeli manufacturers.

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