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25 April, 2024
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Fuel prices plummet while food costs soar

Insights into inflation trends and how declining fuel costs and surging food prices impact consumers


Liquid fuels experienced the most significant annual percentage decline in June, dropping by 27.2%. Contributing to a 1.9% inflation squeeze, the lowest point in 25 months, was a 25.6% annual decline in oil prices.

Based on data from the Statistical Office and processed by the Pancyprian Consumers Association, retail prices of goods and services showcased notable variations. The smallest percentage decrease was observed in the electricity LPG fuel category, with a year-on-year fall of 6.15%. However, it is worth noting that the liquid fuels category recorded the most substantial percentage decrease in June.

Automotive fuels and lubricants also experienced a significant decline, decreasing by 22.4%, while LPG and LPG inflation dropped by 16.2% year-on-year.

Prices in air passenger transport, influenced by fuel prices, saw a decrease of 3.2% in June, while LPG (cylinder) prices declined by 3.94%.

Conversely, food prices displayed an annual increase of 9.86% in June, with meat prices rising by 9.9%. Fresh whole milk experienced a 6.2% increase, while low-fat milk saw a slightly higher rise of 6.78%.

Bakery products also saw an increase of 8.45%. Furthermore, beer prices rose by 8.44%, and soft drinks experienced a 12.28% increase.

Other notable changes include a 10.39% increase in the Consumer Price Index for new cars compared to June 2022 and a 7.55% rise in accommodation services.

Cyprus  |  economy  |  inflation

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