The Consumer Protection Service announces the Consumer Price Monitor for the month of January 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 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 January shows that the maintenance of the inflation rate at December levels (1,7% against 1,6%) is basically due to the large change in the clothing and footwear category by -13%, while the food category and non-alcoholic beverages recorded a positive change of 0,15%. Compared to January 2023, an increase of 2,81% is recorded in the food category, mainly due to the increase of 4,4% in agricultural products. These increases are also reflected in the prices recorded by the January Observatory, in which, as shown in detail in the Service's table with the price indices for the month of January, in a total of 45 categories of basic products, 31 categories recorded an increase, of which 15 categories in percentage beyond 3%.
Specifically, vegetable cooking fat by 16,7%, flour by 11%, almost all frozen foods with first frozen molluscs/shellfish by 10,4%, frozen fish by 7,9, recorded a significant increase compared to December. 5,1% frozen breaded meat by 3,1%, frozen pasta by 5,6%, yogurt by 5,4%, eggs by 5,3%, juices by 4,4%, Cypriot coffee by 3,9%, soft drinks by 3,8%, fresh fish/molluscs by 3% and oil by XNUMX%.
A decrease was registered in vegetables/greens by 24,3%, sugar by 12,4%, fresh meat by 7,9%, burgouri by 3,9%, cured meats by 2,7%, cheeses by 2,1, 2,1% and pretzels XNUMX%.
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 13/2/2024 to record the prices of 55 common and very important products for the household in 3 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 8% or €243,24 against €225,06 with the middle basket at €237,81. 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 €7,23 – €7,76 for a total of approximately €95 worth of purchases 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 in 58 points of sale throughout Cyprus. The current assessment of the implementation of the measure, based on the findings of the audits, is that this has a positive effect on prices and by extension on inflation, as long as prices are restrained and in approximately 72% of products prices have remained at the levels of May 5, when the measure was implemented. According to the findings of the last audit carried out on 12/2/2024, compliance is universal with rates for milk, bread, vegetables, sugar, coffee and baby diapers at 75-100% and for other 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 the market research that 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 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.
Detailed information about the Observatory is provided on its website Consumer Protection Service.