Suppliers push for price increases amidst economic uncertainty

Marios Antoniou, the General Secretary of the Retail Trade Association, discussed the pricing dynamics of products affected by the zero VAT rate, as well as current data and requests for price adjustments during an appearance on SPOR FM's show, Dispersion News.

Antoniou addressed the eagerly anticipated implementation of the zero VAT rate, set for December 1, particularly for meat and vegetables.

He emphasized that for suppliers seeking price increases, a thorough examination process spanning 30 to 40 days is necessary, allowing the relevant ministry to evaluate the validity of such requests.

When questioned about the current influx of supplier requests, Antoniou confirmed they are diligently reviewing these requests. However, he clarified that, at present, no requests for price increases on meat and perishables have been approved.

Furthermore, Antoniou highlighted specific products in which price increase requests have been made, citing soft drinks, rice, and olive oil as examples.

Shifting the focus to the ongoing discussion surrounding e-kalathi, Mr. Antoniou revealed that the debate is ongoing, with progress reaching only page 2 out of the 12 pages of the bill.

Conversely, when discussing his winter forecast, Antoniou expressed a lack of optimism, emphasizing that the outlook is far from pleasant.