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23 July, 2024
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Understanding price levels in Cyprus and how they compare to the EU average

Eurostat data highlights variations in prices for different product categories

Source: CNA

According to the latest data from Eurostat, the statistical service of the European Union, the price levels for household expenses in Cyprus were 91% of the EU average in 2022.

When looking at different product categories, some countries stood out with higher price levels. Ireland, Denmark, and Luxembourg had the highest prices across all categories, while Romania, Bulgaria, and Poland had the lowest.

Let's take alcohol and tobacco as an example. The most expensive country had prices about 3.3 times higher than the least expensive one. Bulgaria, Poland, and Hungary had the lowest prices for these items, while Ireland, Finland, and Denmark had the highest prices. These differences are mainly due to varying taxes imposed on these products.

In Cyprus, the prices for alcohol and tobacco were around 93% of the EU average, indicating relatively stable costs compared to other countries.

Another significant factor is the price levels in restaurants and hotels. Bulgaria, Romania, and Hungary had the lowest prices in this category, while Denmark, Finland, and Luxembourg had the highest. In Cyprus, prices for restaurants and hotels were 89% of the EU average.

When it comes to clothing, Bulgaria, Hungary, and Romania offered the most affordable options, while Denmark, Sweden, and Czechia had higher prices. In Cyprus, clothing prices stood at 94% of the EU average.

There were also disparities in prices for food and non-alcoholic beverages, personal transport equipment, and consumer electronics across different countries. In Cyprus, some categories had larger variations from the EU average, such as education, milk, cheese and eggs, other food, bread and cereal, and fabricated metal products and equipment (excluding electrical and optical equipment).

On the other hand, some categories in Cyprus had lower disparities, including residential buildings, construction, non-residential buildings, housing, water, electricity, and gas, as well as tobacco.

These findings shed light on the cost differences in various aspects of household expenses in Cyprus compared to the EU average, helping us better understand the price landscape in the country.

Cyprus  |  Europe  |  economy

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