Filenews 18 July 2023
June brought a decrease in 29 categories of basic products, but fresh meat became more expensive, data from the Consumer Protection Service's Consumer Product Price Observatory show.
Specifically, the Consumer Protection Service announced the Consumer Product Price Observatory for June 2023. The Observatory presents the weighted average price for 250 basic consumer products (food and other products), based on the quantities and prices per day in which these products were sold in 400 retail stores nationwide throughout the month.
In conclusion, the valuation made for June shows that prices show decreases compared to the previous month, both in food, where according to the Statistical Service a decrease of one percentage point is recorded, and in other basic products, mainly due to the zero VAT rate measure applied from 3/5/2023. As shown in the Table with the price indices for June, in a total of 45 basic product categories, 29 categories recorded a decrease with the main one being LPG cylinder by 9%, oil by 6%, frozen molluscs (5%), burgers (2%), fresh fish (2.6%), fresh milk (1%) and evaporated/sweetened (1.3%), cheese (2%), legumes (3.6%), rice (3%), sugar (2.4%), flour (1.7%) and pasta (1.4%). Decreases were also recorded in toilet paper (3.4%), fabric softeners (1.5%), infant formula (1.8%) and nappies (1%) and sanitary napkins (1%).
An increase was recorded in tomato juices (5.8%), fresh (3.2%) and frozen meats (2%), greens/vegetables (6.6%), eggs (1.4%), water (1.2%) and baby food (0.9%).
It is reiterated that the Consumer Protection Service continues intensively the checks on the implementation of the zero VAT rate measure, recording prices of 65 products in nine different supermarkets and, specifically, in 58 points of sale all over Cyprus. After the last registration on 6 July 2023, it is found that the measure is implemented with significant benefit for consumers, since more than 80% of products have experienced price reductions equal to or greater than the rate.
The detailed data of the Observatory are provided on the website of the Consumer Protection Service. Website in English
