The Consumer Protection Service announces the Consumer Price Monitor for the month of March 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 throughout 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, which is made for the month of March, shows that the decrease in inflation from 1,6-1,8% in the months of December to February to 1,2% in March is reflected in the containment of inflation in the food sector, which amounted to 2,14% in the period January-March 2024 compared to the corresponding period last year and compared to 2,36% in the period January-February 2024. This restraint is basically due to the decrease recorded by agricultural products by 2,09% compared to of the previous month.
As shown in detail in the Service's Table with the price indices for the month of March, in a total of 45 categories of basic products, 26 categories recorded an increase, of which 10 at a rate of less than 1%. More specifically, in addition to the 7,6% increase recorded by fresh vegetables and greens, moderate increases were seen in cold meats by 4,4%, frozen burgers by 4%, legumes by 2,7%, frozen breaded and pre-cooked fish by 2,3%, oil, breakfast cereals and sanitary napkins by 2,2%, respectively, and baby food by 2%. This was followed, at much lower rates, by increases in toilet paper by 1,8%, detergents and fabric softeners by 1,6% and 1,4%, respectively, and fresh meat by 1,3%.
A decrease was recorded in the remaining 19 categories of the Observatory, with the main one being the continued significant decrease in frozen molluscs/shellfish by 22,4% and sugar by 6,2%, in vegetable cooking fat by 3,6%, in frozen fish by 3,3, 2,6%, in flour by 1,3%, XNUMX% in eggs and other products in lower percentages.
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 proceeded on 16/04/2024 to record the prices of 47 common and very important products for the household in three supermarkets of Larnaca . As can be seen in the comparative Observatory, the difference in the value of the most expensive basket from the cheapest amounts to 11,7% or €210,60 against €188,54 with the middle basket at €206,41. Additionally, the benefit to the consumer from the application of the zero VAT rate to the 11 products covered by the measure amounts to between €6,55-€7,85 in total purchases worth approximately €80-€90 depending on the supermarket.
It is emphasized once again 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 results of the controls is that this has a positive effect on prices and by extension on inflation, as long as prices are restrained and in about 70% of products prices have remained at the levels of May 5 , which the measure was applied. According to the results of the last audit carried out on 15/04/2024, compliance is universal with deviation rates for milk, eggs, sugar, coffee, baby diapers and vegetables at 70-100% and for the remaining 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 market research, which 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, which are 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.
The detailed data of the Observatory are provided at by clicking here of the Consumer Protection Service.