The Consumer Protection Service announces the Consumer Price Monitor for the month of December 2023. 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 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 carried out for the month of December shows that prices follow the downward trend of inflation which, as a result of the continuous reduction in energy costs and inflation in the food sector, reached 1,6% in December against 1,7, 3,5% in November, 4% in October and 2023% in September. According to the published data of the Statistical Service, inflation in the food sector rose in the period January - December 7,74 to 8,14% compared to the corresponding period last year and compared to 8,74% in the period January - November and 4,33% in the months January – October. The large decrease compared to the previous month is due to the -5,32% change in agricultural products and -XNUMX% in petroleum products.
As shown in detail in the Service's Table with the price indices for the month of December, in a total of 45 categories of basic products, 29 categories recorded a decrease, with the largest decreases observed in frozen pasta by 8,2%, flour by 7,3% , oil by 5,8% due to a decrease in sunflower oil prices, vegetables/greens by 5,5%, eggs by 5,1%, Cypriot coffee by 4,6%, vegetable shortening by 3,9% , yogurt by 3,9%, juices by 3,8% and baby foods by 3,6%.
There was an increase in 16 categories, with the most important recorded in frozen molluscs/shellfish by 5,6%, cold cuts by 4,1%, sugar by 3,8%, frozen fish by 3,5%, cheese by 2,7 .1,6% and fresh meat by XNUMX%.
In the context of monitoring the market and recording trends as they evolve from international and domestic conditions, the Service has once again proceeded on 15/1/2024 to record the prices of 43 common and very important household products in three supermarkets in the city of Larnaca . As shown in the attached Comparison Chart, the difference in value of the most expensive basket from the cheapest amounts to 11% or €189,80 against €171,49 with the middle basket at €182,93. Additionally, the benefit to the consumer from the application of the zero rate of Value Added Tax (VAT) to the 11 products covered by the measure, including meat and vegetables from 1/12/2023, amounts to between €6,94 – €7,11 in total purchases worth approximately €85 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 all categories of products that were approved, in nine different supermarkets in 58 points of sale throughout Cyprus. Today's 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, inflation, since the prices of approximately 75% of the products have remained at the levels of May 5, when the measure was implemented subway. According to the findings of the last audit carried out on 12/1/2024, compliance is universal with percentages for milk, eggs, vegetables, sugar and coffee at 85-90% and for the rest of the products at a lower percentage.
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.
- The Observatory's detailed information is provided on the website of the Consumer Protection Service.