The Consumer Protection Service announces the Consumer Price Monitor for the month of April 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 made available 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 made for the month of April shows that despite the increase in fuel prices and by extension inflation from 1,2% in March to 2,4% in April, as a result of geopolitical developments, inflation in the sector of of food continued to be restrained, reaching 1,89% in the period January-April 2024 compared to the corresponding period last year and compared to 2,14% in the period January-March 2024. This restraint is mainly due to the decrease recorded by agricultural products by 0,95, XNUMX% compared to the previous month.
As shown in detail in Table of Service with the price indices for the month of April, in a total of 45 categories of basic products, 21 categories registered an increase and 18 categories a decrease, while another 6 categories did not register a change. Specifically, increases of 7,5% and 6,2% respectively were recorded for frozen molluscs/shellfish and frozen fish after a three-month period of continuous decreases, by 4,7% sugar after a six-month period of continuous decreases, by 3,4 % broths, 3,3% bottled water, 3% oil due to new moderate increases in the price of olive oil compared to the previous month, 2,8% juices, breakfast cereals and baby diapers, 2,7% baby food , 2,2% frozen pasta and 2% canned meat.
A decrease was recorded in 18 categories, with the most important being fresh vegetables and greens by 13,1%, vegetable cooking fat by 10,8%, flour by 5,4%, fresh fish and shellfish by 4,6%, eggs by 4%, 2,3% pasta, 1,5% pretzels, 1,2% rice and biscuits and 1,3% baby milk and fabric softeners.
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 16/5/2024 to record the prices of 55 common and very important products for the household in three Nicosia supermarkets . As can be seen in the comparative Observatory, the difference in the value of the most expensive basket from the cheapest amounts to 6,0% or €241,84 against €228,54, with the middle basket at €240,02. 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 €7,21-€7,78 for a total of approximately €90 worth of purchases, 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 inflation since prices are contained and in about 70% of products, prices have remained at the levels of May 5 where the measure was applied. According to the results of the last audit carried out on 15/5/2024, compliance is universal with deviation rates for milk, eggs, sugar, coffee, diapers, infant formula and vegetables at 70-100% and for the rest 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 specific Observatory.
The Observatory's detailed information is provided on the website of the Consumer Protection Service.