Pafos Press 22 March 2024
The Consumer Protection Service announces the Consumer Price Monitor for the month of February 2024. The Monitor presents the weighted average price for 250 basic consumer products (food and other products) based on the quantities and prices per day at which these products were sold in 400 retail stores all over Cyprus throughout the month.
The purpose of the Observatory is to provide the consumer with an objective comparative view of purchase prices from all retail stores, supermarkets, bakeries, bakeries, kiosks, etc.
In conclusion, the assessment made for the month of February shows that despite the containment of inflation at 1.8%, against 1.7% in January and 1.6% in December, inflation in the food sector reached 2.36% in the period January-February 2024 compared to the corresponding period last year, mainly due to the positive change in agricultural products by 5.6%. A change of 1.61% is also recorded in petroleum products.
As shown in detail in the Service's Table with price indices for the month of February, in a total of 45 categories of basic products, 24 categories recorded an increase, of which 12 at a rate of less than 1%. In particular, in addition to the 33% increase registered by fresh vegetables and greens, which was followed by reductions in specific products in March, as recorded by the comparative price watch, a significant increase was also shown by fresh fish and molluscs by 5.5%, the vegetable cooking fat by 5.4%, oil by 2.9% and baby food by 2%. They were followed at much lower rates by increases in burgouri by 1.9%, flour and soft drinks by 1.8% respectively, 1.6% in evaporated and sweetened milk and 1.2% in fabric softeners.
A decrease was recorded in the remaining 21 categories of the Observatory, the main ones being frozen pasta by 4.3%, frozen molluscs/shellfish by 4.3%, sugar by 3.8%, cold cuts by 3.1%, frozen fish by 3.2% and frozen breaded and precooked meat by 2.6%. Sanitary napkins and toilet paper followed by 1.6% respectively.
In the context of continuous monitoring of the market and recording of trends, as they evolve from international and domestic conditions, the Service has again, on 03/19/2024, recorded the prices of 53 common and very important household products in three supermarkets of Limassol. As can be seen in the comparative Observatory attached, the difference in the value of the most expensive basket from the cheapest amounts to 6.5% or €256.87 against €241.43 with the middle basket at €246.33. Additionally, the benefit to the consumer from the application of the zero rate of Value Added Tax (VAT) to the 11 products covered by the measure amounts to between €6.55 – €7.00 for a total of approximately €85 worth of purchases depending on the supermarket.
It is reiterated that the Consumer Protection Service continues intensively the controls regarding the implementation of the measure of the zero VAT rate, recording prices of 88 products from all approved categories, in nine different supermarkets in 58 points of sale throughout Cyprus. Today's assessment of the implementation of the measure based on the findings of the audits is that this has a positive effect on prices and, by extension, inflation since prices are contained and in approximately 70% of products the prices have remained at the levels of May 5 which the measure was implemented. According to the findings of the last audit carried out on 19/03/2024, compliance is universal with deviation rates for milk, bread, eggs, sugar, coffee and baby diapers at 70-100% and for the rest of the products at a lower rate.
The Consumer Protection Service clarifies that Price Observatories are prepared solely for consumer information purposes and in no way constitute advice. Price Watchers are not intended and cannot substitute for the market research that each consumer should do based on their own preferences, data and needs, nor are they intended to indicate to consumers which outlets to choose or specific products.
It is particularly noted that some of the products included in the Observatory have quality differences that cannot be determined. For this purpose, the Service urges consumers to do substantial market research before proceeding with purchases, taking into account the results of the particular Observatory.
