The Consumer Protection Service announces the Price Observatory of Basic Consumer Goods for the month of October 2023. The Observatory presents the weighted average price for 250 basic consumer products (food and other products), based on the quantities and prices per day in which these products were made available 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 October shows that inflation, despite the upward trend of the previous months, was significantly restrained in October, reaching 3,5% compared to 4% in September and 2,6% in August. In addition to the reduction in energy costs, an important factor in the restraint is the moderate increase in inflation in the food sector (and in particular agricultural products), which rose in the January-October period to 8,74% compared to the corresponding period last year and compared to 9,13% during the first 9 months of the year.
As shown in detail in the Table with the price indices for the month of October, in a total of 45 categories of basic products, 28 categories recorded a decrease, of which 14 categories at a rate of more than 1%. Fresh fish and molluscs by 17,4% and vegetables/greens by 13,4% recorded the biggest decrease, followed by pasta by 4,1%, frozen fish and meat by 3,8% and 3,5 % respectively, bottled water by 1,8%, flour by 1,6% and sugar by 1%.
17 categories showed an increase, the most important being toilet paper by 17,4%, frozen molluscs and shellfish by 4%, fabric softeners by 3,1%, gas cylinder by 2,7%, fresh meat by 1,7 %, frozen breaded/precooked fish by 1,7% and Cypriot coffee by 1,5%.
In the context of monitoring the market and recording trends as they evolve from international and domestic conditions, the Service has proceeded on 15/11/2023, to record the prices of 56 common and very important household products in 3 large supermarkets in Nicosia. As can be seen in the comparative Observatory attached, the difference in the value of the most expensive basket from the cheapest amounts to 10% or €255,73 against 232,74 with the middle basket at €247,44. Additionally, the benefit to the consumer from the application of the zero VAT rate to 9 products from 1/11/2023 amounts to €5,74 in total purchases worth €60 depending on the supermarket.
It is emphasized once again that the Consumer Protection Service is intensively continuing the controls regarding the implementation of the measure of the zero VAT rate, recording prices of both the 9 categories of products that were approved in the first phase and the two categories for which the measure will enter into force on December 1st, in nine different supermarkets in 58 points of sale all over Cyprus. Today's assessment of the implementation of the measure based on the findings of the audits is that this continues to have a positive effect on prices and inflation since in approximately 77% of products the prices have remained at the levels of May 5 (and November 1 for coffee and sugar) for which the zero rate VAT measure was applied. Especially for sugar and coffee the compliance is also universal with the percentages reaching 100% and 85% respectively.
The Consumer Protection Service clarifies that Price Observatories are prepared solely for consumer information purposes and in no way constitute advice. The Price Observatories are not intended and cannot replace the market research that each consumer must do based on their own preferences, data and needs, nor are they intended to indicate to consumers which points of sale 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 carry out 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 (www.consumer.gov.cy).