The Consumer Protection Agency has announced the Price Observatory for Consumer Products for November, presenting the weighted average price for 250 essential consumer products (food and other items).
The data is based on quantities and prices per day when these products were available in 400 retail stores nationwide throughout the month.
The Observatory’s objective is to provide consumers with an objective comparative overview of purchase prices from all retail outlets, including supermarkets, bakeries, butchers, kiosks, and more.
In summary, the evaluation for November indicates that prices are following the downward trend of inflation. This is a result of the continuous reduction in energy costs and inflation in the food sector, which amounted to 1.7% in November, compared to 3.5% in October and 4% in September.
According to published data from the Statistical Service, inflation in the food sector reached 8.14% for the January-November period, compared to the corresponding period last year, and 8.74% for January-October, and 9.13% for January-September.
The significant decrease compared to the previous month is due to a -4.08% change in agricultural products and -7.61% in petroleum products.
In November, out of 45 categories of essential products, 28 categories recorded a decrease, with 10 categories showing a decrease beyond -3%.
The most significant decreases were in vegetables/greens by 18.3%, fresh fish and mollusks by 10.4%, vegetable cooking oil by 14.8%, frozen fish and mollusks/shellfish by 9.1% and 6.5% respectively, Cypriot and instant coffee by 3.7% and 4.9% respectively, flour by 4.5%, sugar by 1.7%, laundry detergents by 3.3%, and toilet paper by 2%.
17 categories experienced an increase, with only 8 categories showing an increase between 1% and 4%. The most significant increase in November was observed in tomato juice/paste by 3.8%, eggs by 3.4%, and pasta by 3%.
In the context of monitoring the market and tracking trends as influenced by international and domestic conditions, the agency conducted a price survey on 53 common and significant household products in 3 supermarkets in Limassol on December 12, 2023.
As indicated in the comparative observatory, the difference in value between the most expensive basket and the cheapest one amounts to 6%, or €250.24 compared to €235.60, with the median basket at €238.55.
Additionally, the consumer benefit from the application of the zero VAT rate on the 11 products covered by the measure, including meat and vegetables from December 1, 2023, ranges between €6.41-6.88 for a total purchase value of approximately €75, depending on the supermarket.
The Consumer Protection Agency continues intensive checks regarding the implementation of the zero VAT rate measure, recording prices for all approved product categories in nine different supermarkets at 58 points of sale nationwide.
Today’s assessment based on the findings of the checks indicates that the measure has a positive impact on prices and, consequently, on inflation.
Approximately 76% of product prices have remained at the levels of May 5, when the measure was implemented. According to the findings of the latest check conducted on December 11, 2023, compliance rates are 90% for sugar and coffee, 94% for vegetables, and 69% for meat, largely due to the increase in the price of lamb in some supermarkets.
Detailed information from the Observatory is available on the Consumer Protection Agency’s website (www.consumer.gov.cy).