The Consumer Protection Service announces the Consumer Price Monitor for the month of November 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 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 carried out for the month of November 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 1,7% in November against 3,5 % in October and 4% in September. According to the published data of the Statistical Service, inflation in the food sector rose in the period January-November to 8,14% compared to the corresponding period last year and compared to 8,74% in the period January-October and 9,13% for the months January-September. The large decrease compared to the previous month is due to the -4,08% change in agricultural products and -7,61% in petroleum products.
As shown in detail in the Service's Table with the price indices for the month of November, in a total of 45 categories of basic products, 28 categories recorded a decrease, of which 10 categories at a rate of more than -3%. The biggest decrease was recorded in vegetables/greens by 18,3%, fresh fish and molluscs by 10,4%, vegetable cooking fat by 14,8%, frozen fish and molluscs/shellfish by 9,1% and 6,5, 3,7% respectively, Cypriot and instant coffee by 4,9% and 4,5% respectively, flour by 1,7%, sugar by 3,3%, laundry detergents by 2% and toilet paper by XNUMX%.
17 categories showed an increase, of which only 8 categories showed an increase between 1%-4%. A more significant increase was recorded for the month of November by tomato juices/pastes by 3,8%, eggs by 3,4% and pasta by 3%.
In the context of monitoring the market and recording trends as they evolve from international and domestic conditions, the Service has on 12/12/2023 recorded the prices of 53 common and very important household products in 3 Limassol hypermarkets. As can be seen in the comparative Observatory attached, the difference in the value of the most expensive basket from the cheapest amounts to 6% or €250,24 against €235,60 with the middle basket at €238,55. Additionally, the benefit to the consumer from the application of the zero VAT rate to the 11 products covered by the measure, including meat and vegetables from 1/12/2023, amounts to between €6,41-6,88 on a total of purchases worth approximately €75 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, on inflation since the prices of approximately 76% of products have remained at the levels of May 5 when the measure was implemented. According to the findings of the last audit carried out on 11/12/2023, compliance is universal with the percentages of sugar and coffee at 90%, for vegetables at 94% and for meats at 69% due essentially to the increase in the price of amnoerifis in some supermarkets.
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 conduct 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 (www.consumer.gov.cy).