How much have prices increased cumulatively on basic products over the past four years is a crucial question that concerns thousands of consumers, who, by common agreement of all trade factors, buy even essential items with caution.
Yesterday, the Statistical Service of Cyprus announced that the consumer price index decreased in March 2024 to its lowest level compared to March 2021.
In March 2024, inflation dropped to 1.2%, down from 1.8% in February and 5.8% in March 2023.
However, this is one side of the coin when interpreting the numbers that make up the wave of accuracy, which continues to sweep the market.
The second and most significant aspect is revealed when comparing March ’24 to March 2020 when the consumer price index – inflation was at 0.1%, just slightly above the deflation threshold, with no inflationary trend in the market.
Utilising yesterday’s data from the Statistical Service, Phileleftheros made the comparison between March 2020 and March 2024.
It appears that the price increases during the four-year period are quite severe and have permanently integrated into the prices of most products, which remain very high, regardless of the significant reduction in the rate of price increase, as indicated by today’s low inflation level.
Thus, when comparing the consumer price index of March 2024 with March 2020, the result shows that the average price increase during the four years was 13.9%. Even worse, the food price index increased by 15.8%!
Almost 100% increase in olive oil
However, products like olive oil, sunflower oil, and corn oil, which were additionally affected due to the crisis in the supply chain following Russia’s invasion of Ukraine, recorded even greater increases on average.
The price of olive oil on supermarket shelves has skyrocketed, increasing by 96.4% from March ’20 to March ’24. This is the highest price increase among all food types in Cyprus.
The price increase for margarine and other vegetable oils was 31.2% over four years, oils and fats saw an increase of 48.6%, and other edible oils saw an increase of 49.6% from March 2020.
The second-largest price increase in food, after olive oil, was noted in sugar, reaching 59.2%.
However, the basket of basic food products also includes meat.
According to the Statistical Service data, from March 2020 to March 2024, the price of beef and veal increased by 32%, lamb and goat meat by 42%, pork by 18.3%, while poultry saw a smaller increase of “only” 5.7%.
Inflation also affects the price of bread, one of the most basic food items, with an increase of 16.8% over the four years, rice by 27.3%, while prices for bakery and confectionery products increased by 22.1%.
Price increases in dairy, vegetables, and energy
Dairy products didn’t escape the accuracy either.
The price for whole fresh milk increased by an average of 12.4% over the four years, low-fat milk by 11.1%, preserved milk by 28.5%, yogurt by 10.3%, cheese by 17.2%, and eggs by 33.8%.
Smaller but not negligible increases were also recorded in other agricultural products. For example, fruit prices increased by an average of 9% in four years (March 2020 – March 2024), vegetables also by 9%, and potatoes by 21.3%.
The price of coffee increased by 22.1%, carbonated and juice drinks by 25.9%, and soft drinks by 26.6%.
The price of motor oil increased by 25.7% over the examined four years (ended from April 1, with reduced consumption tax), petrol by 20.8%, while the price of electricity increased by 35.8%.
