An increase was recorded in June in 28 categories of basic products, out of a total of 45 categories, of which 24 at a rate of less than 3%, compared to the previous month, according to the Consumer Product Price Observatory, published on Friday by the Consumer Protection Service ( YPK), while 16 categories showed a decrease and one category showed no change.
As the Consumer Protection Service reports in a statement, the assessment made for the month of June shows that the increase in fuel prices in May and June led, together with the increase in inflation in the food sector, to a continuous increase in general inflation from 2,4 .2,7% in April, to 2,9% in May and XNUMX% in June, while prices seem to follow an upward trend in July as well.
This increase, according to the Service, is reflected in the prices of several categories of products recorded by the observatory, mainly food, which recorded inflation of 2,0% in the period January-June 2024 compared to the corresponding period last year, which is mainly due to an increase recorded in June by agricultural products by 4,9%, electricity by 9,5% and petroleum products by 8,6% compared to the previous year.
In particular, more significant increases compared to the previous month were registered by vegetables and greens by 23,0% (25,0% compared to June 2023), vegetable cooking fat by 13,7%, frozen molluscs/shellfish by 10,4% ( 30,6% compared to June 2023), flour by 3,7%, baby diapers by 2,6%, oil by 2,4% (13,0% compared to June 2023), baby food by 1,8 % (7,6% compared to June 2023), water by 1,9% and juices by 1,1% (8,5% compared to June 2023).
On the contrary, a decrease compared to the previous month was recorded by 16 categories with the most important being sugar by 7,7% (-19,7% compared to June 2023), pasta by 2,6% (-2,2% compared to June 2023), frozen fish by 3,2% (-5,1% vs. June 2023), frozen breaded/precooked fish by 2,4% (-4,0% vs. June 2023), frozen burgers by 2,4% (-3,1 .2023% compared to June 1,8), fresh meat by 5,8% (+2023% compared to June 1,5) and fresh fish/molluscs by 16,6% (-2023% compared to June XNUMX).
Supermarket price comparison
The Consumer Protection Service reports that 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 July 16, 2024 to record the prices of 48 common and very important household products in three supermarkets of Larnaca.
According to the Service, the difference in the value of the most expensive basket from the cheapest amounts to €14,38 (7,5%) or €209,07 against €194,69 with the middle basket at €204,99. 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 €6,80-€7,08 for a total of approximately €88 worth of purchases, depending on the supermarket.
Zero rate VAT measure
In addition, the Consumer Protection Service reports that it is continuing intensive controls regarding the implementation of the measure of the zero VAT rate, recording prices of 88 products from all categories that were approved in nine different supermarkets, in 58 sales points all over Cyprus.
"Today's 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," he underlines.
It states that in approximately 65% of products, prices have remained at the levels of May 5, when the measure was implemented, while in an additional percentage, prices have decreased to a lesser extent.
Citing the results of the latest audit, the Service states that "compliance is universal with deviation rates for milk, eggs, sugar, coffee, baby diapers and vegetables at 70-100% and for the rest of the products at a lower percentage".