Consumer prices in Cyprus experienced a 17.4% increase in October for toilet paper, compared to September, while the cost of fresh fish dropped by an equivalent 17.4%, according to data from the Consumer Protection Service’s Basic Consumer Goods Price Observatory.
In October, among a total of 45 categories of basic products, 28 recorded a decrease, with 14 of them showing a reduction beyond 1%.
The most significant reductions were observed in fresh fish and fresh mollusks, down by 17.4%, and vegetables/greens, down by 13.4%. Other decreases included pasta by 4.1%, frozen fish and meats by 3.8% and 3.5% respectively, bottled water by 1.8%, flour by 1.6%, and sugar by 1%.
On the other hand, 17 categories saw an increase, with the most notable being toilet paper, up by 17.4%, frozen mollusks and shellfish by 4%, fabric softeners by 3.1%,LPG cylinder (gas) by 2.7%, fresh meat by 1.7%, frozen fish dishes/pre-cooked by 1.7%, and Cypriot coffee by 1.5%.
Despite the upward trend in previous months, inflation was significantly contained in October, reaching 3.5% compared to 4% in September and 2.6% in August, according to the Consumer Protection Service announcement.
The report attributes the moderation to the reduction in energy costs and the restrained inflation increase in the food sector, particularly agricultural products, which stood at 8.74% between January and October compared to the same period last year.
Significant Price Variations from Supermarket to Supermarket
A significant price variation from supermarket to supermarket has been observed, according to a Consumer Protection Service survey conducted on November 15. The price difference between the most expensive and cheapest baskets amounts to 10% or €255.73 compared to €232.74, with the average basket around €247.44.
Consumer Benefit from Zero VAT
Moreover, the Consumer Protection Service reports that the consumer benefit from the application of the zero VAT rate on nine products since November 1 amounts to €5.74 for total purchases worth €60 in supermarkets.
The service continues to intensify controls related to the implementation of the zero VAT rate, monitoring prices of the nine approved product categories and the two categories for which the measure will take effect on December 1 in nine different supermarkets across 58 points of sale nationwide.
“The current assessment, based on findings, indicates that the measure continues to have a positive impact on prices and inflation. Approximately 77% of product prices have remained at the levels of May 5 (and November 1 for coffee and sugar) when the zero VAT rate was applied. Compliance is also universal for sugar and coffee, with rates reaching 100% and 85% respectively,” the report states.
