Israel unveils $1.3 bln plan to reduce cost of living

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Israeli Finance Minister Avigdor Lieberman looks on after speaking at the annual Eli Hurvitz economic conference in Jerusalem June 29, 2021. REUTERS/Steven Scheer

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JERUSALEM, Feb 9 (Reuters) - Israel unveiled a $1.3 billion plan to reduce the cost of living on Wednesday, including tax cuts for working families, child-care subsidies and streamlined regulation to stimulate price-cutting competition for products.

Rising prices have stirred anger among Israelis struggling to recover from the economic impact of the COVID-19 pandemic, prompting feuding between Prime Minister Naftali Bennett's government and leading household goods suppliers and importers. read more

In a televised address alongside Bennett, Finance Minister Avigdor Lieberman said the new plan, worth 4.4 billion shekels ($1.37 billion), would save the average Israeli family around 10,488 shekels ($3,270) a year.

The plan also includes a reduction in the cost of state-provided electricity and the elimination of customs fees on a range of food imports.

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Writing by Dan Williams; Editing by Sandra Maler

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