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12° Nicosia,
23 July, 2024
 
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Concerns over food crisis and rising prices

Price changes in 29 product categories

Newsroom

The head of the Competition Division of the Consumer Protection Agency at the Ministry of Commerce, Aliki Iordanou, stated that there has been no increase in product prices despite the zero VAT rate.

Ms. Iordanou, invited to comment on the "News Digest" show on "SPOR FM," addressed the reports about higher prices despite the zero VAT rate and clarified that this information is inaccurate and does not reflect their publication.

According to their own Price Observatory, they have recorded a decrease in prices for 29 out of 45 product categories compared to the previous month. However, she mentioned that there were price increases in June 2022 due to the war in Ukraine and the pandemic.

Among the 29 product categories with reduced prices were items like gas cylinders, frozen products, pasta, oil, fresh fish, legumes, flour, sugar, and fresh vegetables (cucumbers, tomatoes, leafy greens).

On the other hand, according to Ms. Iordanou, price increases were observed for tomato juice, potatoes, and seasonal products, while fresh meat prices rose from June 15 due to increased production costs.

Ms. Iordanou emphasized that the Consumer Protection Agency conducted and continues to conduct inspections in all supermarkets, ensuring that the measure for zero VAT was applied uniformly and resulted in even greater reductions. "The measure was implemented in April 2023, prices decreased, and consumers benefited from it."

Regarding concerns about a food crisis and potential price increases, Ms. Iordanou pointed out that markets are uncertain, with two main factors influencing grain and fuel prices.

"As for grain prices, they have already increased by 3.5% in the grain exchange due to Russia's withdrawal from the agreement, and if its conditions are not met, the agreement will remain frozen. Besides the food crisis, this will lead to price hikes, as Mr. Gutierrez mentioned, and it will increase the cost of living."

She also noted that fuel prices, including oil, have seen some increases following production restrictions by Saudi Arabia and Russia, which might be reflected in retail prices.

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Cyprus  |  food  |  crisis  |  economy  |  products  |  market

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