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12° Nicosia,
20 July, 2024
 

Inflation drops, but food prices soar

High food prices persist despite decreasing inflation, prompting questions on justification and consumer protection

Newsroom

According to Marios Droussiotis, the president of the Cyprus Consumers Association, inflation is decreasing, but food prices remain excessively high. In an interview with K, he explained that although the overall inflation rate in Cyprus is 1.9%, the prices of food items have increased by 9.8%.

Droussiotis stated that the inflation rate is calculated by considering the price changes of 805 goods and services compared to the same month of the previous year. While the average inflation rate is 1.9%, the category of food has experienced a significant increase of 9.8%. He expressed dissatisfaction with the response from the Consumer Protection Agency, the competent authority responsible for monitoring and regulating prices, stating that they should be more proactive in controlling importers and suppliers to ensure justifiable pricing.

He pointed out that the excuses previously given for price increases, such as increased fares, euro-dollar exchange rate fluctuations, and fuel prices, no longer apply.

Droussiotis predicted that there would be no reductions in food prices at least in the next 1-2 months. He pointed out that the excuses previously given for price increases, such as increased fares, euro-dollar exchange rate fluctuations, and fuel prices, no longer apply. Freight rates have returned to their pre-pandemic levels, the euro-dollar exchange rate has improved, and fuel prices have decreased. However, food prices have not followed suit, and Droussiotis expressed his confusion as to why these factors, which previously justified price increases, are not leading to price reductions.

Data from the Pancyprian Consumers Association, based on statistics from the Statistical Service, revealed that food prices in June showed an annual increase of 9.86%. Meat prices increased by 9.9%, fresh whole milk rose by 6.2%, and low-fat milk saw a slightly higher increase of 6.78%. Bakery products recorded an increase of 8.45%, while beer and soft drink prices rose by 8.44% and 12.28%, respectively.

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Cyprus  |  food  |  economy

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