New regulations signed yesterday will force major food retailers in Israel to publish their prices on the internet and update them hourly.
The regulations, signed by Finance Minister Yair Lapid and Economy Minister Naftali Bennett, are intended to promote competition between the 19 food chains, according to Globes.
Lapid told media in a statement released by his office: “With the passage of the Food Law, the Consumer Protection and Fair Trade Authority has begun intensive work to formulate regulations that stipulate the technical specifications and the way in which information will be posted and updated on the retailer’s website.
“The Authority’s work in conjunction with the Ministry of the Economy and the Budgets Division at the Ministry of Finance was carried out in consultation with computing experts, and included extensive discussion with the retailers to which the law will apply.
“Applications developers were also brought in, in the expectation that they will us the information to develop price comparison applications.
“We continue to fight against the cost of living. Through price transparency, competition between the retail chains will increase, leading to cheaper prices,” Lapid said.
The government ultimately expects to create a mobile app that will allow consumers to check online while out and about to see which store is selling an item at the best price per unit.
