Cyprus grapples with 9% surge in food prices

Many people are struggling with their daily expenses because food prices keep going up, causing financial stress. According to data from the Consumer Service for August, the president of the Cyprus Consumers Association, Marios Drousiotis, pointed out a significant 1.1% increase in food prices. He emphasized that food costs are rising much faster than the overall inflation rate, which is at 2.6%. Food prices have surged by a staggering 9% without a clear explanation.

The data from the Consumer Service in August 2023 reveals that the prices of some essential items have risen compared to August 2022.

For instance, fresh vegetables, excluding potatoes and other root vegetables, saw a whopping 37.36% price increase compared to last year. Fresh vegetable prices went up by 26.16% in just one month (from July to August 2023). Similarly, fresh fruit prices increased by 13.09% compared to the previous year.

The cost of lamb and goat meat surged by 29%, while beef and veal prices rose by 16.53%, and pork prices increased by 9.93%. Cheese prices went up by 17.80%, butter by 12.97%, yoghurt by 11.36%, and rice by 10.33%. Olive oil became 13.10% more expensive.

Sugar prices jumped by 28.26% in August 2023 compared to August 2022, and ice cream prices increased by 21.47%. Coffee prices also rose by 14.03%, while sugar confectionery, jam, honey, and chocolate prices went up by 11.94%, and tea by 11.67%.

Dried, smoked, or salted fish and seafood prices increased by 16.10%, frozen options by 7.89%, and fresh ones by 6.84%. Soft drinks became 13.33% more expensive.

Lastly, mineral and spring water prices went up by 11.57%, while sauces and condiments saw a 9.77% increase.

Looking ahead to September, Mr. Drousiotis does not anticipate any reduction in food prices.