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Israeli Officials Vow To Cut Cost Of Living After Protest

Activists holding placards during a rally in Tel Aviv on July 30 against rising property prices.
Israel's finance minister, Yuval Steinitz, says the government will take swift action to reduce the soaring cost of living, looking to ease tensions a day after 250,000 people demonstrated in Israel over rising prices.

Steinitz told Israel Radio on August 7 that Prime Minister Benjamin Netanyahu was slated to announce the formation of a special committee of ministers and experts to address the demands of protesters who are angry about housing costs and a growing wealth disparity.

The protest have mushroomed since they began three weeks ago when young Israelis pitched tents on a posh Tel Aviv boulevard complaining of housing costs.

Police say more than 200,000 people were on the streets of Tel Aviv overnight, while another 30,000 marched in Jerusalem.

compiled from agency reports