The Consumer Protection Service has published its Consumer Product Price Observatory for December 2024. The Observatory covers 250 basic consumer products, including food and other goods, and is based on data from 400 retail stores across Cyprus.

The aim of the Observatory is to offer consumers an objective and comparative depiction of prices from various retail outlets, such as supermarkets, bakeries, bakeries and kiosks.

Inflation growth and key findings

For December 2024, there was an increase in inflation of 2.6%, compared to 1.5% in November and lower rates in previous months. The increases were mainly affected by two categories:

Food and non-alcoholic beverages: An increase of 7.6% compared to December 2023.

Restaurants and hotels: An increase of 4.4% compared to the previous year.

The increase in the agricultural products index (+16,8% compared to December 2023 and +2,6% compared to November 2024) was significant, affecting fresh vegetables, meat and fish.

Increases and decreases in product prices

While increases were observed in specific categories, 31 out of 45 key product categories recorded a decrease.

Increases

Vegetables and greens: +30,7% (compared to November) and +38,8% (vs December 2023).

Fresh fish: +9.2% and +24.7%, respectively.

Fresh meat: +8.0% and +6.8%.

Sugar: +5.9% (-18.2% vs December 2023).

Reductions

Bagels: -10.0% (-13.0% vs December 2023).

Oil: -8.3% (-1.0%).

Flour: -7.6% (-2.1%).

Cyprus coffee: -6,6% (+9,4%).

Vegetable cooking fat: -6.0% (+4.7%).

The majority of reductions concern everyday consumer products, reinforcing the importance of informing consumers about price changes.

The full Price Observatory for December is available on the website of the Consumer Protection Service.  https://consumer.gov.cy/en/press-room/announcements/245/?ctype=ar