Filenews 25 September 2023
Inflation is one of the most serious problems the Government has to face and according to a survey by "F", Cyprus remains one of the most expensive countries in Europe and in some products prices are quite high.
At the same time, voices are growing calling for immediate and substantial measures against high prices, as price increases in fuel, electricity and food continue unabated. Finance Minister Makis Keravnos says the government is constantly taking measures to be precise and "will be ready when necessary to take additional measures", in the context of the fiscal balance, which must be kept in surplus, stressing that "measures must be mainly targeted".
Looking at the comparative table of the Numbeo platform, you can see the differences in prices taking into account the purchasing power of citizens based on the average net salary. Of course, no one can dispute that accuracy is an international problem.
However, it seems that in Cyprus the structure of the economy and the market makes it more difficult to deal with the problem. An important factor affecting prices is the economy's heavy dependence on imports of energy products. What is reported on the Numbeo platform:
• Consumer prices in Greece are 10.4% lower than in Cyprus (rent-free). Consumer prices including rent in Greece are 24.4% lower than in Cyprus. Rent prices in Greece are 55.8% lower than in Cyprus and restaurant prices in Greece are 15.8% lower than in Cyprus. Prices in groceries in Greece are 7.1% lower than in Cyprus.
Local purchasing power in Greece is 21.6% lower than in Cyprus. More specifically, the price of milk (1 liter) is cheaper in Greece compared to Cyprus by 8.5%, white bread (500 grams) cheaper 38.3%, rice (one kilo) by 7.7%. The average price of eggs in Greece is 12.8% more expensive than in Cyprus, as is chicken fillet by 5.8%. The price of a kilo of apples is cheaper by 29.7% in Greece, tomatoes by 31.6% and potatoes by 12.2%.
• Consumer prices in Italy are 3% higher than in Cyprus (rent-free). Consumer prices including rent in Italy are 7.9% lower than in Cyprus. Rent prices in Italy are 32.5% lower than in Cyprus. Restaurant prices in Italy are 0.1% higher than in Cyprus and supermarkets in Italy are 12.7% higher than in Cyprus.
Local purchasing power in Italy is 19.6% higher than in Cyprus. The price of milk (1 liter) is cheaper 16.8% in Italy, bread (500 grams) is 0.1% cheaper in Cyprus, eggs are cheaper 6.4% in Italy, chicken fillet is 24.8% more expensive in Italy, the price of a kilogram of apples is cheaper 18.8% in Italy and 3% tomatoes.
• Consumer prices in Portugal are 21.9% lower than in Cyprus (rent-free). Consumer prices including rent in Portugal are 22.2% lower than in Cyprus. Rental prices in Portugal are 22.8% lower than in Cyprus. Restaurant prices in Portugal are 35.2% lower than in Cyprus and grocery prices in Portugal are 18.6% lower than in Cyprus.
Local purchasing power in Portugal is 7.9% lower than in Cyprus. The price of milk (1 liter) is 45.6% cheaper in Portugal than in Cyprus, bread (500 grams) is 30.9% cheaper in Portugal, eggs by 26.5%, chicken fillet by 19.7%, one kilo of apples by 26.4%, tomatoes by 28.1% while potatoes are cheaper in Cyprus by 4.3%.
• Consumer prices in Slovenia are 13.1% lower than in Cyprus (rent-free). Consumer prices including rent in Slovenia are 20.6% lower than in Cyprus. Rent prices in Slovenia are 37.3% lower than in Cyprus. Restaurant prices in Slovenia are 26.1% lower than in Cyprus. Prices at grocery stores are 3.7% lower in Slovenia than in Cyprus.
Local purchasing power in Slovenia is 14.1% higher than in Cyprus. The price of milk (1 liter) is cheaper by 25.5% in Slovenia, bread (500 grams) and eggs by 14.5%, chicken fillet is cheaper by 10.2% in Cyprus, a kilogram of apples is cheaper by 28.1% in Slovenia, tomatoes are 0.3% cheaper in Cyprus and potatoes are cheaper by 13% in Slovenia.
• Consumer prices in France are 16.3% higher than in Cyprus (rent-free). Consumer prices including rent in France are 4.9% higher than in Cyprus. Rental prices in France are 20.7% lower than in Cyprus. Restaurant prices in France are 7.3% higher than in Cyprus. Prices at grocery stores in France are 38.8% higher than in Cyprus.
Local purchasing power in France is 53.6% higher than in Cyprus. The price of milk (1 litre) is 43.2% more expensive in Cyprus, bread by 13.4% and eggs by 1%. The price of chicken fillet is 33% cheaper in Cyprus, apples by 10.2%, tomatoes by 16.4% and potatoes by 35.4%; Consumer prices in Cyprus are 11.4% lower than in Germany (rent-free). Consumer prices including rent in Cyprus are 4.2%
lower than in Germany. Rent prices in Cyprus are 17.1% higher than in Germany and restaurant prices in Cyprus are 3.5% higher than in Germany. Grocery prices in Cyprus are 13.9% lower than in Germany.
Local purchasing power in Cyprus is 46.7% lower than in Germany. The price of milk (1 liter) is 44.7% more expensive in Cyprus. The price of bread in Cyprus is cheaper by 5.1%, chicken fillet by 34.1% and potatoes by 22.9%.
