12° Nicosia,
15 July, 2024

Ice cream prices melt wallets by 8.07% more

Summer essentials surge while oddball items take a dip


As temperatures rise, so do the prices of summer essentials in Cyprus, with ice creams, package holidays, and hotel stays seeing noticeable hikes compared to last month, according to data released by the Cyprus Consumers Association.

The latest Consumer Price Index data paints a picture of a sunny-side-up economy, where the cost of organized domestic holidays skyrocketed by 11.8%. Meanwhile, cooling off with ice cream will cost consumers 8.07% more, while seeking refuge in hotels became 7.76% pricier compared to May.

Olive oil prices continued to soar by a whopping 63.09%, prompting consumers to rethink their salad dressing choices.

But it’s not just the leisure sector feeling the heat. For those planning backyard barbecues, the price of dried, salted, and smoked meat jumped by 5.09%. Yogurt, a staple of the Mediterranean diet, saw a 3.75% price increase, while food processing equipment became 3.5% more expensive. Fresh fruit, another summer treat, became 3.44% pricier compared to last month.

However, not everything is melting under the summer sun. Some items took a refreshing dip in price. Sewerage services saw a surprising 10.4% decrease, making it a cool deal for consumers. Subscriptions to TV stations also dropped by 10.06%, offering entertainment relief from the heat. Fresh vegetables, excluding potatoes and bulbs, became 9.12% cheaper, and overall vegetables saw a 7.07% price decrease.

Comparing June 2024 to the same month last year unveils some interesting trends. Olive oil prices continued to soar by a whopping 63.09%, prompting consumers to rethink their salad dressing choices. Passenger transport costs, however, went down by 16.54%, offering a cheaper ride for travelers. Fresh fruit prices also fell by 15.42%, and fruit became 12.87% less expensive compared to June 2023.

Amidst these fluctuations, one item stood out for its sweet retreat in prices: sugar, which plummeted by 20.44% this June compared to last year. For those looking to spruce up their outdoor spaces, garden furniture became 13.72% more affordable, while the price of butter decreased by 10.42%.

As consumers navigate these price changes, one thing is certain: whether splurging on summer indulgences or cutting back on everyday essentials, keeping cool under the Mediterranean sun comes at a price.

[With information from CNA]

Cyprus  |  consumer  |  inflation  |  economy

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