Filenews 8 September 2023
Large additional burdens were placed on consumers' wallets in August as well, due to continued price increases for almost all basic food products.
The figures released yesterday by the Statistical Service (after those announced a few days ago by Eurostat and were equally worrying) show that prices on supermarket shelves will not only not fall, but will continue – unknown for how much longer – to rise, making the cost of living unbearable for thousands of households.
According to official data, fresh vegetables and sugar now look like luxury goods in Cyprus, as these are two categories that recorded the largest price increases in August '23, compared to August '22.
– The category of fresh vegetables, excluding potatoes, recorded an increase of 37,4%, while last August they had recorded a decrease of 35,2% compared to an increase of 54% in the same month in 2021.
– Vegetable prices increased 23.1% in August '23, while last year they recorded a decrease of 18.7%, after an increase of 39.5% in 2021.
Prices of fresh fruit rose 13.1% in August this year, compared to a 27.8% decline last year and a 34.5% rise in 2021.
– The price of sugar (which is among the products with the largest price increases in the last three years) increased 28.3% in August, while last year the increase was 43.2% and in 2021 it was 2.3%.
More and more expensive
The data presented by "F" show that prices did not fall in any key food category but instead recorded large increases.
– The price of lamb and goat meat showed an increase of 29% in August this year on an annual basis, compared to an increase of 4% in 2022 and 3.9% in 2021.
The price of beef and veal rose 16.5% in August from 12% last year and 1.1% in 2021.
Increases in poultry prices were very modest, at 0.3% in August, up from a 20.7% increase last year and a 0.7% decrease in 2021.
– The price of yogurt increased 11.4% in August, compared to a rise of 4.5% with August last year and 0.2% in 2021.
– In the cheese category, the increase was 17.8% in August, up from an increase of 4.2% last year and a decrease of 0.2% in 2021.
– The price of olive oil increased 13.1%, compared to 6.3% last year and 0.9% in 2021. All information converges that in the coming months and in 2024 the price of olive oil will continue to rise, due to inappropriate weather conditions and reduced production.
Beverage prices also increased (13.3%) in August, compared to a rise of 10.3% in 2022 and 0.7% in 2021.
– The price of beer rose 7.6% compared to a rise of 5.8% in 2022 and a decrease of 0.3% in 2021. Wine rose 7.6%, compared to a 2.5% increase in 2022 and a 0.9% decline in 2021.
Fuel and electricity receded
The picture in fuel prices is clearly better compared to 2022. According to the Statistical Service, the price of oil fell 14.8% in August '23, compared to a rise of 41.8% last year in the same month and 19.1% in 2021. The price of gasoline in August on an annual basis fell 6.7% compared to a rise of 25.7% last year and an increase of 21.1% in 2021. However, recent weeks have seen new price increases, compared to those at the beginning of this summer. The price of electricity fell 5.9% compared to a 62% rise last year and a 39.8% increase in 2021. The price of LPG fell 4.6% in June on an annual basis compared to a rise of 19.2% last year and 23.8% in 2021.
