Prices of some basic foodstuffs increased last month by as high as 61%, according to the latest data from the Mediterranean island’s Statistical Service.
And this means that – especially low and middle income consumers – face a hard time when making essential visits to the supermarket, Philenews reported on Friday.
The statistics also show that inflation in March rose at a rate of “only” 5.8% which is the lowest annual one over the past 13 months.
But the data also makes clear the trend in food prices is steadily upwards.
As for other EU countries, the average increase in March was around 15.5% compared to the same month last year. Only Hungary recorded shocking increases of almost 48%.
The recorded increased prices are mainly the result of developments starting in the period just before the crisis in Ukraine.
They mainly have to do with increased raw material prices during the disruption of supply chains at the time of the coronavirus pandemic but were also affected by the cost of energy which – up until a few months ago – had also soared.
