Filenews 20 November 2023
The price of toilet paper increased by 17.4% in October compared to September, while in the same period the price of fresh fish also decreased by 17.4%.
In the Observatory of Prices of Basic Consumer Goods of the Consumer Protection Service for the month of October, it appears that at the level of the price index, in a total of 45 categories of basic products, 28 categories recorded a decrease, of which 14 categories at a rate of more than 1%.
The largest decrease was recorded by fresh fish and molluscs by 17.4% and vegetables/greens by 13.4%, followed by pasta by 4.1%, frozen fish and meat by 3.8% and 3.5% respectively, bottled water by 1.8%, flour by 1.6% and sugar by 1%.
An increase was recorded in 17 categories, with the most important being toilet paper by 17.4%, frozen molluscs and shellfish by 4%, fabric softeners by 3.1%, LPG cylinder by 2.7%, fresh meat by 1.7%, frozen breaded/precooked fish by 1.7% and Cypriot coffee by 1.5%.
According to the announcement of the Consumer Protection Service, inflation, despite the upward trend of previous months, was significantly contained in October, reaching 3.5% compared to 4% in September and 2.6% in August.
"In addition to the decrease in energy costs, an important factor of containment is the moderate increase in inflation in the food sector (and in particular agricultural products), which reached 8.74% in the period January – October compared to the same period last year and compared to 9.13% in the first 9 months of the year," it says.
Big difference from hypermarket to hypermarket
A large variation in prices is observed from supermarket to supermarket, according to a relevant survey by the Consumer Protection Service.
Specifically, it is reported that on November 15, the Service has recorded prices of 56 common and very important products for the household in 3 large supermarkets of Nicosia.
The difference in the value of the most expensive basket from the cheapest is 10% or €255.73 compared to 232.74 with the middle basket being €247.44.
Benefit of zero VAT
In addition, the Service states that the benefit to the consumer from the application of the zero VAT rate to 9 products as of November 1st amounts to €5.74 in total purchases worth €60 depending on the supermarket.
The Service states that it continues intensively the checks on the implementation of the zero VAT rate measure, recording prices of both the 9 product categories approved in the first phase and the two categories for which the measure will enter into force on December 1st, in nine different supermarkets in 58 points of sale all over Cyprus.
"Today's assessment from the implementation of the measure, based on the findings of the audits, is that it continues to have a positive effect on prices and inflation, since about 77% of products have remained at the levels of May 5 (and November 1 for coffee and sugar) when the zero VAT rate measure was applied. Especially for sugar and coffee, compliance is also universal with rates standing at 100% and 85% respectively," he says.
