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17 June, 2024
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Food costs soar, greens up 25.3%, fish dip by 15%

Rising food prices drive 1.21% increase; key categories highlighted in latest consumer monitor

Newsroom / CNA

Increases were noted in 32 out of 45 categories of essential consumer products in the Consumer Product Price Monitor for July 2023, according to the Consumer Protection Service. Simultaneously, 13 categories experienced price reductions. This represents a 1.21% rise compared to June 2023. The increase is attributed to a 3% uptick in fresh and processed agricultural product prices.

Among the 32 categories with price hikes, notable increases were seen in greens by 25.3%, frozen fish by 2%-5.5%, sugar by 3.7%, coffee by 3.3%, water by 3.3%, and other items at a lower rate.

In contrast, the 13 categories with decreased prices include LPG cylinders (down 5.7%), fresh fish (down 15%), evaporated/sweetened milk (down 2.8%), pulses (down 1.2%), and baby food (down 1.2%).

The agency points out that these price increases primarily occurred in the food sector, aligning with data from the Statistical Service showing a food sector inflation of 8.9% from January to July 2023, compared to the same period the previous year. The inflation rate for January to June 2023 was reported at 8.75%.

The Price Observatory provides a weighted average price for 250 core consumer products, based on daily quantities and prices across 400 retail outlets nationwide. It aims to give consumers an objective record of purchase prices across various retail points.

The Consumer Protection Service emphasizes ongoing checks on the zero VAT rate implementation, monitoring prices of 65 products in nine supermarkets and 58 points of sale nationwide.

The Consumer Protection Service underscores that the Price Observatories offer consumer information only and do not provide advice. They cannot replace individual market research or guide purchasing decisions. Additionally, differences in product quality are acknowledged, urging consumers to conduct thorough research before buying based on Observatory results.

Cyprus  |  consumer  |  inflation  |  prices  |  food  |  economy

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