Gaza: 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.

According to Anadolu Agency, the chamber stated that the ongoing Israeli occupation has prevented the entry of trucks belonging to the private sector, leading to an almost complete paralysis of the economy. This blockade has resulted in a dramatic increase in the prices of essential goods and foodstuffs by 527% following Israel's decision to block the entry of supplies and humanitarian aid into the territory.

The chamber further emphasized that Gaza is experiencing a catastrophic collapse of its economic system, attributing this dire situation to the years-long Israeli blockade. Since March 2, Israel has kept Gaza's crossings closed to food, medical, and humanitarian aid, which has exacerbated the already dire humanitarian crisis, as noted in various government, human rights, and international reports.

The territory has been under a severe Israeli siege since 2007, which has significantly impacted the livelihood of its residents. Nearly 51,500 Palestinians have lost their lives in Gaza due to a brutal Israeli onslaught since October 2023, with most of the casualties being 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 on charges of war crimes and crimes against humanity in Gaza. Additionally, Israel is facing a genocide case at the International Court of Justice for its actions in the enclave.