Despite a slight slowdown in inflation in Cyprus in October, with the rate of price increases decreasing to 3.5% after two consecutive months of higher inflation, the food price index dropped to 5.1% on an annual basis from 13.2% last year.
However, some food items witnessed double-digit price hikes last month.
An analysis of data from the Statistical Service reveals which ten food products were the leaders in price increases in October compared to October ’22, and which products saw the greatest price declines.
Nevertheless, the list of food products whose prices decreased in October is less than ten.
- Topping the list for increases (October ’22 – October ’23) is lamb and goat meat, the price of which surged by 28.6%. Meat, along with vegetables, is part of the household support measures package announced by the government on October 19, under which a zero VAT rate will be applied from December 1, 2023, until May 31, 2024.
- The second-largest annual increase (20.6%) was recorded in the price of preserved milk, a product that has been in the zero VAT category since May 2023.
- The third-largest increase (16%) on an annual basis was in the price of sugar.
- Fresh fruits followed with a 14.2% price increase.
- A 13.1% rise in olive oil prices was recorded in October on an annual basis.
- Chocolate prices increased by 13%.
- Frozen vegetables increased by 12.8%.
- A 12.1% increase was recorded in the price of margarine and other vegetable fats.
- An 11.5% increase was also recorded in butter prices.
- Ice cream prices increased by 13.7%.
Eight double-digit decreases
In addition to the price increases, there are price decreases (in double-digit percentages) in a few food items in October, but the list of price reductions does not make it to ten, only to eight.
The largest annual decrease (20.1%) is recorded in potato prices. Prices for other edible oils decreased by 15%, bread prices, which belong to the zero VAT category since May, decreased by 4.5%, and poultry prices saw a 3.6% decrease.
Prices for fresh whole milk and low-fat milk decreased by 4.4% and 4.6%, respectively, two products that have been in the zero VAT category since May.
Prices for fresh seafood decreased by 1.4%, and cocoa and cocoa powder prices decreased by 0.2%.