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17 July, 2024
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Olive oil prices soar 65% in Cyprus in May 2024

Price hikes in olive oil, painting services, and fresh vegetables


Olive oil prices in Cyprus surged by 65% in May 2024 compared to the same month last year, and increased by 2% from April 2024, according to the Consumer Index table compiled by the Cyprus Consumer Association and released on Friday.

Significant annual increases were also recorded in the costs of painting services, rice, hotels, motels, inns, tea, and fresh vegetables. Conversely, prices for sugar, butter, poultry, toys and hobbies, and garden furniture saw substantial decreases.

According to the Consumer Association's data, the largest year-on-year increases in May 2024 were for olive oil at 65.2%, painting services at 13%, rice at 8.33%, hotels, motels, and inns at 7.17%, tea at 7.25%, fresh vegetables at 9.40%, and vegetables in general at 5.97%.

In contrast, the biggest year-on-year decreases included sugar at 21%, garden furniture at 15.6%, butter at 7.91%, poultry at 8.95%, toys and hobbies at 9.2%, and margarine and other vegetable fats at 5.1%.

Comparing May 2024 to April 2024, the largest monthly increases were in fresh vegetables excluding potatoes and other bulbs at 21.5%, fresh fruits at 16.8%, hotels, motels, and inns at 10.6%, vegetables at 9.99%, air passenger transport at 8.9%, and transportation services at 7.1%.

The largest monthly decreases were in potatoes at 11.2%, butter at 6.49%, garden furniture at 9.06%, sugar at 8.39%, and toys and hobbies at 7.45%.

[Information sourced from CNA]

Cyprus  |  consumer  |  prices

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