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12° Nicosia,
20 May, 2024
 

Prices on the rise

Insights from Consumer Protection Agency shed light on price hikes for essential goods

Newsroom

The Consumer Protection Agency has released its latest report on product prices for February 2024, focusing on 250 key consumer items sold across 400 stores nationwide. This report aims to give consumers an idea of the average prices of various goods, including food and other essentials, to help them make informed purchasing decisions.

According to the agency's findings, while overall inflation has slightly eased to 1.8%, compared to the previous months, prices for food items have increased by 2.36% compared to last year. This rise is mainly attributed to a significant increase in agricultural product prices by 5.6% and a 1.61% increase in petroleum product prices.

The report highlights that out of 45 categories of goods, 24 have seen price increases, with items like fresh vegetables, cooking oil, and baby food experiencing notable spikes. On the other hand, prices for frozen pasta, sugar, and certain meat products have decreased.

To further understand price variations, the agency conducted a comparison of 53 household items in three supermarkets in Limassol. The results showed that the price difference between the most expensive and cheapest baskets was around 6.5%. Additionally, the report underscores the benefits of zero VAT rates on certain products, saving consumers between €6.55 and €7.00 on a total purchase of around €85.

Regarding the impact of zero VAT rates, the agency reports that prices have been contained, with about 70% of products maintaining their prices since the implementation of the measure. However, it emphasizes the importance of consumers conducting their own market research before making purchases, as product quality and preferences may vary.

Overall, while the report offers valuable insights into price trends, consumers are encouraged to conduct thorough research to make informed purchasing decisions based on their individual needs and preferences.

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