Filenews 6 March 2023
It is not easy to get away from food staples that are on the table every day, with the result that inflation, especially in the food sector, is more than double the monthly inflation (February 6.7%). Increases in food prices reinforce what most households say, the salary ends before the month comes out.
Of course, there are also prices that have decreased and mainly concern services based on the processing of data of the Statistical Service by the Cyprus Consumers Association.
Specifically, during the period (1/22-2/23) the prices that increased for basic products are: sugar 74.35%, margarine and other vegetable oils 36.09%, oils and fats 33.05%, olive oil 18.58%, beef and veal 25.37%, vegetables 25.04%, lamb and goat meat 24.47%, pork 18.76%, butter 23.20%, preserved milk 22.47%, mineral waters and spring waters 21.69%, pasta 21.22%, rice 17.09%, cheese 21.08%, coffee 20.87%, fresh milk whole fat 17.91%, fresh low-fat milk 15.78%, fresh fish 15.16%, bread 14.41%, dried fruits and nuts 12.88%, fruit and vegetable juices 12.65%, soft drinks 12.22%, fish 11.65%, chocolates 11.70%, wine 8.95%. Fast food prices and take away food services increased 11.58%, bakery/patisserie products 11.48%, baby food 11.27%, restaurants, cafes and cafes 8.73%.
Gas (the bottle) increased 20.73%, diesel 10.30%, gasoline 3.67%, automotive fuels and lubricants 5.04%, Road passenger transport moved up for the same period 6.35%, organized holidays 5.76%, passenger transport by bus and coach 4.44%, durable leisure and cultural goods 3.52%, large household appliances electric and not 5.68%, clothing for women 3.61%, clothing for men 3.57%.
In addition to food there are other items whose prices increased in the period 1/22 - 2/23. According to the data of the Statistical Service, the price of electricity got over 34.27%, LPG (bottle) increased 20.73%, diesel 10.30%, gasoline 3.67%, automotive fuels and lubricants 5.04%,
Road passenger transport 6.35%, package holidays 5.76%, passenger transport by bus and coach 4.44%, durable leisure and cultural goods 3.52%, large household appliances electrical rather than 5.68%, clothing for women 3.61%, clothing for men 3.57% moved upwards for the same period.
Meanwhile, international food prices fell for the eleventh consecutive month in February, with the United Nations Food and Agriculture Organization (FAO) global price index now 19% below the all-time highs of 159.3 points recorded in March 2022, in the wake of the Russian invasion of Ukraine. In particular, the FAO's global price index, which tracks food commodity prices, averaged 129.8 points last month, up from 130.6 in January. This is the lowest reading since September 2021. The FAO reports that the marginal drop in the food index is due to significant decreases in the prices of vegetable oils and dairy products, combined with lower cereal and meat indices.
12.58% reductions in fresh fruit prices
In addition to the increases, decreases in prices were recorded according to the Statistical Service and concern 18 products and services. More specifically, a price drop in food products was recorded in the period 1/22 - 2/23 in fruits -7.96% and in fresh fruits -12.58%. Prices in the telecommunications services package decreased -1.08%, personal computers -1.96%, clothing for infants (0-2 years old) and children (3-13 years old) -3.04%, image and audio recording media -3.06%, communications -3.20%, telephony and fax services -3.30%, audiovisual equipment -3.74%, audio reception, recording and playback equipment -3.84%, footwear for women -3.92%, mobile telephony -4.10%, mobile telephony equipment -4.31%, Internet access services -5.12%, audio and video reception and recording equipment -8.42%, passenger air transport -12.26%. There were also cases where the rise in prices was small and specifically just over 1%. Specifically, toys and hobbies prices increased 1.04%, paramedical services 1.05%, alcoholic beverages and tobacco 1.28%, fresh seafood items 1.57%, car maintenance and repair 1.87%, home-related insurance 1.74%.
Warning from the European Central Bank
Fears that European companies are taking advantage of high inflation to boost their profit margins have led the European Central Bank to issue a warning that it is closely monitoring the possible rise in product prices. Besides, we must not forget that the "clashes" of retailers-suppliers at international level are still on the agenda, in order to reduce the prices of products on the shelves. It is worth noting that a year after the start of the war, grain prices are under pressure due to the large harvest in countries such as Russia and Australia, while the cost of oils and meat is also falling. According to Bloomberg, there are some indications that food prices may be declining in some parts of the world.
