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Cyprus is seeing more people shopping and spending money, but higher prices are still affecting the cost of living. New data shows that in November 2024, both the amount of goods sold and the money spent in retail stores went up compared to last year. While this is a positive sign, inflation—meaning the rise in the cost of everyday goods—is still causing concern for many people.
Retail sales are up
The retail trade in Cyprus, which includes everything from groceries to clothing, grew by 7.2% in value in November. This means people spent more money than they did in November 2023. At the same time, the volume of goods sold (that means the number of items people bought) also went up by 6.3%. So, not only are people spending more, they’re also buying more things.
The biggest jump in sales was seen in items like books, toys, sports equipment, and even stationery, which increased by 12.3%. Clothing and shoes also saw a big rise, with sales up by the same amount. Supermarkets also had a good month, with an 11.7% increase in sales of food, drinks, and tobacco products.
However, not everything did well. Sales in stores that don’t sell products directly, like online shops, fell by about 5%. This means that while physical stores did well, some online sales struggled.
If we look at the whole year, things are also looking up. From January to November 2024, retail sales were up by 5.4% in terms of money spent, and 4.3% in terms of the number of items sold. This shows that, overall, people are still out shopping, despite higher prices.
Inflation is still a problem
Inflation is when the prices of things go up, and in Cyprus, inflation increased by 1.8% in 2024. This means that, on average, things cost a bit more than they did last year. The most significant price jumps were in food, especially fresh vegetables, and dining out. Food prices went up by 7.6% from December 2023, while eating at restaurants and staying at hotels became 4.4% more expensive.
On the other hand, the cost of clothing and footwear dropped a little, which helped ease some of the pressure on shoppers.
For shoppers, it’s clear that people are still buying things like clothes, books, and food, but prices are getting higher. While retail stores are doing well, families might be feeling the pinch when it comes to groceries and dining out. Prices on essentials like food and fresh vegetables have been rising, and it’s something that will likely continue to affect the average household.
In short, while people in Cyprus are still spending money and shopping, inflation means we’ll need to be extra careful about how much things cost, especially when it comes to our grocery bills and eating out.
With information from CNA
