Filenews 23 June 2024 - by Theano Thiopoulou
Cyprus is neither the most expensive nor certainly the cheapest country in the EU, although in some products the price levels are much higher than the European average.
At least this is evident from Eurostat's comparative data and a general conclusion can be drawn how much the Cypriot consumer buys the same products in relation to the prices that exist in other European countries.
The problem of high prices faced by Cypriot and other European consumers is one of the major European political issues and that is why governments, including the Cypriot government, are implementing or prolonging measures against high prices.
In 2023, price levels for household consumption expenditure differed widely across the EU. Although the figures released by Eurostat on Thursday are from last year, they show trends and how countries are divided into expensive, cheap and mid-range.
More expensive and cheaper
The highest price levels were recorded in 2023 in Denmark (143% of the EU average), Ireland (142%) and Luxembourg (135%).
The lowest levels were recorded in Bulgaria and Romania (60%) and Poland (66%), while Cyprus is somewhere in the middle, at 91% of the EU average.
In Greece, the corresponding figure is 87% of the Eurozone average.
Price level indices provide a comparison of countries against the European Union average: if the price level index is higher than 100, the country is relatively expensive compared to the EU average, while if the price level index is lower than 100, then the country is relatively cheap compared to the EU average.
Commodity prices
The overall picture shows that food, drink and tobacco price levels vary considerably between EU Member States. According to the general estimate provided by Eurostat, in 2023 prices for food and non-alcoholic beverages were 19% above the EU average in Luxembourg, while in Romania they were 26% below the EU average.
Non-alcoholic beverages were more expensive in Latvia, 42% above the EU average, and cheaper in Italy by 18%. The price of alcohol in Finland was 102% above the EU average, while in Austria it was 17% lower. For tobacco, the highest prices were observed in Ireland (158% above the EU average), while the lowest were observed in Bulgaria (51%).
More specifically, in order to understand the comparisons, among 36 countries of the wider European area, Switzerland showed the highest level of food prices, 160.4 points (measurement base 100 points), 161 points for bread and cereals, 223 points for meat, 179.7 points for fish, while for dairy products (milk, cheese and eggs) it presented 141.8 points.
Iceland was the most expensive country in dairy products (milk, cheese and eggs) with 155.5 points. Within the EU, Denmark was the most expensive country for bread and cereals with 141 units, Germany for fish 125.1 units, Luxembourg for meat 134.4 units while Greece was the most expensive for dairy products (milk, cheese and eggs), 138 units.
Among all 36 countries, Turkey was the cheapest country for bread and grain, meat and fish. The lowest price level for dairy products (milk, cheese and eggs) was observed in Poland. Among EU Member States, the lowest price levels for bread and cereals and meat were observed in Romania. Fish had the lowest price level in Bulgaria.
Price comparisons for fruits, vegetables and oil
Among EU Member States, Malta is the most expensive country for oils and fats, Luxembourg for fruits, vegetables and potatoes and Denmark for other foods. Poland was the cheapest country for oils and fats, Romania for fruits, vegetables and potatoes and other foods.
According to data provided by Eurostat, the price index for olive oil in Cyprus is 117.5 points and the average in the EU-20 is 99.8 points. In fruits, vegetables, potatoes the index is 94.3 points and the European average is 105.2 points.
In Greece, the index for the price of olive oil is 126.3 points, well above the average, for fruits, vegetables and potatoes at 85.9 points and for other foods at 124.5 points. In France the index for oil is 106 points, in Germany 94.3 points, in Italy 86.7 points, in Slovakia 131.2 points.
Restaurants and hotels ranked second in terms of price level difference, with the lowest price levels recorded in Bulgaria (52% of the EU average), Romania (65%) and Hungary (72%) and the highest in Denmark (152%). Finland (129%) and Ireland (128%). Clothes ranked third in terms of price level variation, with Spain (81%), Bulgaria (82%) and Hungary (88%) recording the cheapest clothing prices, while the most expensive were in Denmark (131%), the Czech Republic (126%). ) and Estonia (118%).
Situation in Cyprus
But where is Cyprus based on Eurostat measurements? In food, the measure is 103.4 points, marginally above the Eurozone average of 104.5 points.
For bread and cereals the measurement index for Cyprus is 109.1 points and the EU-20 average at 105.3 points, for meat the measurement value is 87.9 points and for EU-20 average at 108.9 points.
For fish, the measurement index is 101.7 points, for dairy products 124 points and the EU-20 average is 99.9 points and 101.2 points respectively.
