Filenews 2 March 2024 - by Angelos Nicolaou
Unusually high temperatures on the one hand and heavy rains that destroyed cocoa crops in West Africa on the other, led to a 153% increase in the price of cocoa in a short period of time. As a result, chocolate prices are rising and further problems are created for consumers who bear the high costs as final recipients.
Of course, extreme weather events have also affected other products such as rice due to droughts in Thailand and India, significantly affecting plantations, as well as the price of sugar, as torrential rains have affected plantations in Brazil, the world's largest sugar exporter. The price of rice in the EU shows an increase of 18.9% in one year, while in the same period the price of sugar is increased by 30.8%.
Disruptions in the global, European and Cypriot markets are already observed, while additional price increases are expected in the coming months.
Already one of the largest importers of chocolate products in Cyprus foreshadows us with new increases in their price. With its announcement to the CSE, this company makes due to significant increases in chocolate products produced in the coming period. From April 1, there will be significant increases in chocolate products of this group of 20-30%, while it notes that it will reassess the whole situation next August, depending on the movement of cocoa products prices on the international market.
Sharp increases in basic agricultural products continue in Cyprus, where prices are much higher than averages for the same products in the rest of the EU Member States, also due to production costs in the agricultural sector. Specifically, based on yesterday's data released by the EU, within a year, while the average price of pork meat in the EU shows an increase of 1.3%, in Cyprus this increase is 7.7%. Similarly, the same can be observed with the price of chicken meat where the average price in the EU increased by 1.1% and in Cyprus 5%.
The food category shows an increase of 4.8% in the EU and Cyprus 2.1%, the bread and cereals category increased 3.6% in the EU and 2.9% in Cyprus, the meat category shows an increase of 3.9% in the EU and 2.1% in Cyprus. Fish and seafood recorded a decrease of 0.6% in Cyprus and an increase of 3.8% in the EU. The milk, cheese and eggs category shows a decrease of 0.4% in Cyprus, while the decrease in the EU is 0.4%. In the category oils and fats the increase in Cyprus is 6.1% and is in line with an increase of 6.3% in the EU. Cyprus also shows a large increase in the fruit index by 15.3% compared to an increase of 7.8% in the EU, while the category of vegetables shows an increase in Cyprus of 1.6% and 10.5% in the EU.
In the general index, Cyprus records an increase in January 2024 compared to January 2023 of 2.1%, with the average value in the EU being 3.1%.
The category sugar, jam, honey, chocolate and confectionery shows an increase of 5.3%, with the average price in the EU being 7.8%, while the category food products shows an increase of 3.3% in Cyprus and 7.3% in the average price in the EU.
