Israeli food and toiletries importer Diplomat Holdings (TASE: DIPL) has announced price rises for some of its products from July 1. Diplomat imports and distributes a range of well-known brands including Starkist Tuna, which has 40% of the Israeli tuna market and will rise in price by 4%. Other brands, include Jacobs coffee, and Lotus biscuits which will rise in price by an average 6.1%.
Last month Diplomat announced price hikes of up to 25% for some of its products including Heinz, Pringles, Oreos, and Milka chocolate.
Diplomat says that the price hikes following rises in prices from suppliers abroad. Regarding the Tuna prices, Diplomat added that the price hike of tuna has been kept low because of a reduction in import duties on fish, even though the price of tuna itself has risen sharply over the past year.
Diplomat said, "Diplomat is continuing to make efforts to offer alternative packages to the consumer and carry out a moderate price revisions that only partially compensates for the price increases by its suppliers."
Published by Globes, Israel business news - en.globes.co.il - on June 1, 2023.
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