Consumers in Cyprus should brace for much higher prices this Christmas in basic goods such as bread, flour, cereal, meat, milk, eggs and cheese.
In fact, prices are expected to peak by up to 20%, Philenews reported on Friday.
The first wave of increases has already come but the consumer has hardly felt it since it is about 5% only and in some of the basic products. This was because of last month’s risen energy prices.
However, with a 50% increase in the basic raw material used for human consumption such as wheat and animal feed, new significant increases are to follow.
Market analysts are particularly concerned about where the new leap will go now that grain prices continued their frantic course.
For a number of foodstuff suppliers have already announced that retailers will have to increase prices by of up to 20%. And this trend will be recorded in the next two months.