Filenews 3 November 2023
Although there was some de-escalation in inflation in October in Cyprus, with price growth falling to 3.5% after two consecutive months of higher growth and the food price index falling to 5.1% year-on-year, from 13.2% last year, there are products whose prices showed double-digit growth last month.
The analysis of the data of the Statistical Service highlights which ten food products were champions in increases in October compared to October '22 and which products showed the largest price decline. However, the list of food products whose prices fell in October is very small and does not make up ten.
– The first in increases (October '22 – October '23) is held by lamb and goat meat, the price of which jumped by 28.6%. It should be noted that meat along with vegetables are included in the package of measures to support households announced by the Government on October 19, under which a zero VAT rate will be applied from December 1, 2023 until May 31, 2024.
– Statistics show that the second largest annual increase (20.6%) was recorded in the price of preserved milk, a product that is in the zero VAT rate category as of May 2023.
– The third largest increase (16%) in price on an annual basis was recorded by sugar, followed by the price of fresh fruit with an increase of 14.2%, the price of olive oil with an increase of 13.1% in October on an annual basis, the price of chocolate by 13%, the price of frozen vegetables by 12.8%, the price of margarine and other vegetable fats by 12.1%, butter by 11.5% and ice cream by 13.7%.
Eight double-digit reductions
In addition to the increases, there are also price reductions (double-digit percentage) on very few foods in October, but the list of price declines does not complete ten, only eight.
The largest annual decrease (20.1%) is recorded in the price of potatoes. There was a 15% price reduction in the category other edible oils, by 4.5% in the selling price of bread, which belongs to the group of products with zero VAT rate since May. These are the products whose prices recorded the largest decrease from October to October.
The top ten is rounded out by single-digit reductions. Prices for poultry showed a 3.6% decrease in fresh whole fat and low-fat milk by 4.4% and 4.6%, two products that have had a zero VAT rate since May. Prices of fresh seafood fell by 1.4% and cocoa and chocolate powder by 0.2%.
