TheIsraeli Ministry of Agriculture announced on Wednesday that the prices of eggs, milk and chicken will rise by up to 17 percent by the end of the year.

A study also found that Israelis can expect to see a 13 percent rise in milk prices and a 14 percent hike in prices of chicken and turkey.

However, the largest expected increase will be in the price of eggs, which will rise by 17 percent.

Grain prices might also increase by upwards of 50 percent by the end of the year, according to details revealed during an economic forecast briefing, The Jerusalem Post reported Wednesday.

The study concluded that the increase in prices could be attributed to local drought conditions. In January, the Israel Water Authority announced that 2011 was the eighth straight year of drought, and an especially arid one at that.

Earlier this week, the Ministry of Industry, Trade and Labor raised the prices of bread under government supervision by 6.53 percent.

"The price hike is due to a sharp rise in the global price of wheat in the past month, which raised the prices of flour, a key factor in the bread's price," the ministry said, adding that "the rise in fuel prices in the last month contributed to the hike in bread prices, which haven't changed in 18 months."

As well, prices of oil, electricity, water and real-estate have also risen in recent months.

In addition to the cost rises, Israelis are facing a sharp austerity plan, which includes tax hikes and budget cuts. The plan, laid out by Prime Minister Benjamin Netanyahu and Finance Minister Yuval Steinitz, is meant to fight a burgeoning deficit in the 2012 budget.

Last summer, loud public protests over the high cost of living brought about massive nationwide social welfare demonstrations, including tent encampments in city centers and a series of rallies, the largest of which brought hundreds of thousands of people into the streets.

However, the government's recent moves and price hikes have not managed to rally such numbers this summer, with only several thousand Israelis joining recent demonstrations against the economic measures.