Cyprus continues to grapple with the issue of high prices, with a recent study conducted by Phileleftheros revealing that it remains one of the most expensive countries in Europe, particularly in certain product categories.
This persistent problem has put significant pressure on the government, prompting calls for immediate and effective measures to combat rising costs.
Comparing price data from the Numbeo platform, disparities in consumer prices considering the purchasing power of citizens based on the average net wage are evident.
In Cyprus, the structure of the economy and market conditions make it challenging to address the issue. One significant factor contributing to high prices is the country’s heavy reliance on energy imports. According to Numbeo:
Cyprus vs Greece
Consumer prices in Greece are 10.4% lower than in Cyprus (excluding rent). When considering rent, consumer prices in Greece are 24.4% lower than in Cyprus. Rental prices in Greece are 55.8% lower, and restaurant prices are 15.8% lower than in Cyprus. Grocery prices in Greece are 7.1% lower.
Cyprus vs Italy
Prices in Italy are 3% higher than in Cyprus (excluding rent). When factoring in rent, consumer prices in Italy are 7.9% lower than in Cyprus. Rental prices in Italy are 32.5% lower, and restaurant prices are 0.1% higher. Supermarket prices in Italy are 12.7% higher than in Cyprus.
Cyprus vs Portugal
Consumer prices in Portugal are 21.9% lower than in Cyprus (excluding rent). With rent, consumer prices in Portugal are 22.2% lower, and rental prices are 22.8% lower. Restaurant prices in Portugal are 35.2% lower, and supermarket prices are 18.6% lower. Local purchasing power in Portugal is 7.9% lower than in Cyprus.
Cyprus vs Slovenia
Prices in Slovenia are 13.1% lower than in Cyprus (excluding rent). When rent is included, consumer prices in Slovenia are 20.6% lower, and rental prices are 37.3% lower. Restaurant prices in Slovenia are 26.1% lower, and supermarket prices are 3.7% lower. Local purchasing power in Slovenia is 14.1% higher.
Cyprus vs France
Consumer prices in France are 16.3% higher than in Cyprus (excluding rent). With rent, consumer prices in France are 4.9% higher, and rental prices are 20.7% lower. Restaurant prices in France are 7.3% higher, and supermarket prices are 38.8% higher. Local purchasing power in France is 53.6% higher.
Cyprus vs Germany
In Cyprus, consumer prices are 11.4% lower than in Germany (excluding rent). Including rent, consumer prices in Cyprus are 4.2% lower than in Germany, while rental prices are 17.1% higher. Restaurant prices in Cyprus are 3.5% higher, and supermarket prices are 13.9% lower. Local purchasing power in Cyprus is 46.7% lower than in Germany.
The data highlights the challenges faced by Cyprus in addressing its high-price problem. With an economy heavily reliant on energy imports, the government is under increasing pressure to find solutions that can provide relief to its citizens.