Gaza economy collapses, prices skyrocketing amid Israeli siege, Chamber of Commerce warns

The Gaza economy has collapsed with prices of essential goods skyrocketing by 527% amid an Israeli blockade on the enclave, the Gaza Chamber of Commerce and Industry said on Sunday, Anadolu reports.

“The (Israeli) occupation continues to prevent the entry of trucks of the private sector, causing almost a complete paralysis (of the economy),” the chamber said in a statement.

According to the statement, prices of essential goods and foodstuffs rose by 527% after Israel blocked the entry of supplies and humanitarian aid into the territory.

Gaza “is facing a catastrophic collapse of the economic system” due to the years-long Israeli blockade, the chamber said.

READ: Hunger deepens in besieged Gaza as food supplies run out: UN agency

Since March 2, Israel has kept Gaza’s crossings closed to food, medical, and humanitarian aid, deepening an already humanitarian crisis, according to government, human rights, and international reports.

The territory has already been under a crippling Israeli siege since 2007, badly affecting livelihood in the strip.

Nearly 51,500 Palestinians have been killed in Gaza in a brutal Israeli onslaught since October 2023, most of them women and children.

The International Criminal Court issued arrest warrants last November for Israeli Prime Minister Benjamin Netanyahu and his former Defense Minister Yoav Gallant for war crimes and crimes against humanity in Gaza.

Israel also faces a genocide case at the International Court of Justice for its war on the enclave.

READ: Gaza death toll surges to over 52,200 as Israel continues its genocidal war