Filenews 18 December 2023
The Consumer Protection Service announces the Consumer Product Price Observatory for November, which 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.
The purpose of the Observatory is to provide the consumer with an objective comparative depiction of purchase prices from all retail stores, supermarkets, bakeries, bakeries, kiosks, etc.
In conclusion, the assessment made for November shows that prices follow the downward path of inflation which, as a result of the continuous reduction in energy costs and inflation in the food sector, stood at 1.7% in November compared to 3.5% in October and 4% in September.
According to the published data of the Statistical Service, inflation in the food sector reached 8.14% in the period January-November compared to the same period last year and compared to 8.74% in the period January-October and 9.13% for the months January-September. The large decrease compared to the previous month is due to the change of -4.08% in agricultural products and -7.61% in petroleum products.
In November, out of a total of 45 commodity categories, 28 categories recorded a decrease, of which 10 categories by more than -3%. The largest decrease was recorded by vegetables/greens by 18.3%, fresh fish and molluscs by 10.4%, vegetable cooking fat by 14.8%, frozen fish and molluscs/shellfish by 9.1% and 6.5% respectively, Cypriot and instant coffee by 3.7% and 4.9% respectively, flour by 4.5%, sugar by 1.7%, laundry detergents by 3.3% and toilet paper by 2%.
There was an increase in 17 categories, of which only 8 categories were between 1% and 4%. The most significant increase was recorded for November in tomato juices/tomato pastes by 3.8%, eggs by 3.4% and pasta by 3%.
In the context of monitoring the market and recording trends as they evolve from international and domestic conditions, the Service has proceeded on 12/12/2023 to record prices of 53 common and very important for the household products in 3 supermarkets of Limassol.
As shown in the comparative Observatory, the difference in the value of the most expensive basket from the cheapest amounts to 6% or €250,24 compared to €235,60 with the middle basket ranging to €238,55. In addition, the benefit to the consumer from the application of the zero VAT rate to the 11 products covered by the measure, including meat and vegetables from 1/12/2023, amounts to between €6.41-6.88 in total purchases worth approximately €75 depending on the supermarket.
It is reiterated that the Consumer Protection Service continues intensively the controls on the implementation of the zero VAT rate measure, recording prices of all approved product categories in nine different supermarkets at 58 points of sale all over Cyprus.
The current assessment from the implementation of the measure based on the findings of the audits is that it has a positive effect on prices and consequently on inflation, since in about 76% of products prices have remained at the levels of 5 May when the measure was implemented. According to the findings of the last audit conducted on 11/12/2023, compliance is universal with sugar and coffee percentages at 90%, for vegetables at 94% and for meats at 69% due to essentially the increase in the price of lamb and kids in some supermarkets.
The detailed data of the Observatory are provided on the website of the Consumer Protection Service (www.consumer.gov.cy).
