The Consumer Protection Service announces the Consumer Price Monitor for the month of May 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 May shows that the continuous increase in inflation from 1,2% in March to 2,4% in April and 2,7% in May, as a result of the increase in fuel prices, due to geopolitical developments and the increase in inflation in the food sector, is reflected in the prices of several product categories recorded by the observatory. In particular, food inflation amounted to 1,82% in the period January - May 2024 compared to the corresponding period last year and is mainly due to the increase recorded by agricultural products by 6,27% compared to the previous month and 2,84% compared to the previous year, while the change in petroleum products reached a rate of 10% compared to the previous year.
As shown in detail in the Service's Table with the price indices for the month of May, in a total of 45 categories of basic products, 27 categories recorded an increase of which 11 at a rate of more than 2%, 14 categories showed a decrease and another four categories showed no change.
Significant increases compared to the previous month were recorded by:
– frozen molluscs/shellfish by 23,1% (+12,3% compared to May 2023)
– fresh meat by 7,9% (+11% compared to May 2023)
– fresh fish/molluscs by 4,5% (-17,5% compared to May 2023)
– vegetables and greens 3,5% (+ 8,3% compared to May 2023)
– oil by 3,2% (+3,9% compared to May 2023)
– pulses by 2,8% (+7% compared to May 2023)
– eggs by 2,8% (+0,6% compared to May 2023)
– pasta by 2,7% (-1% compared to May 2023)
– frozen fish by 2,6% (-2,9% compared to May 2023)
– fabric softeners by 2,2% (+11% compared to May 2023)
– pretzels by 2,3% (-1,0% compared to May 2023) and
– flour by 1,7% (-8,0% compared to May 2023)
A decrease compared to the previous month was recorded in 14 categories with the most important:
– broth by 3,3% (+0,7% compared to May 2023)
– frozen breaded/precooked fish by 3% (-2,4% compared to May 2023)
– frozen burgers by 3% (-2,9% compared to May 2023)
– yogurt by 1,9% (-1,7% compared to May 2023)
– toilet paper by 1,8% (-10,4% compared to May 2023)
– frozen pasta by 1,7% (-14,4% compared to May 2023)
– soft drinks by 1,6% (+6,0% compared to May 2023)
– cold cuts by 1,4% (-1,8% compared to May 2023)
– sugar by 1% (-15,2% compared to May 2023)
While a large decrease compared to May of the previous year they also recorded vegetable cooking fat by 14% and gas cylinder by 7,5%.
In the context of continuous monitoring of the market and recording of trends as they evolve from international and domestic conditions, the Service has once again proceeded on 17/6/2024 to record the prices of 52 common and very important products for the household in three hypermarkets 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 2,0% or €230,90 against €234,76 with the middle basket at €231,17. In addition, 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-€7,41 in total purchases worth approximately €80 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 at 58 points of sale throughout Cyprus. The current assessment of the implementation of the measure, based on the results of the audits, is that this has a positive effect on prices and, by extension, on inflation, as long as prices are contained. In approximately 70% of products, prices have remained at the levels of May 5, when the measure was implemented.
According to the results of the last audit carried out on 14/6/2024, compliance is universal with deviation rates for milk, eggs, sugar, coffee, baby diapers and vegetables at 70-100%, and for the remaining products at 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 specific Observatory.
The Observatory's detailed information is provided on the website of the Consumer Protection Service.
