The Consumer Protection Service announces the Consumer Product Price Observatory for the month of August 2023.
The Observatory presents the weighted average price for 250 basic consumer products (food and other products), based on the quantities and prices per day at which these products were sold in 400 retail outlets throughout Cyprus throughout the month.
< p>The purpose of the Observatory is to provide the consumer with an objective comparative picture of purchase prices from all retail stores, supermarkets, bakeries, bakeries, kiosks, etc.
In conclusion, the assessment made for the month of August shows that prices show increases in 25 categories of basic products out of a total of 45 categories, which reflect the increase in inflation in the food sector as well as in general inflation which increased to 2.6% in August compared to 1.5% in July 2023. According to the published data of the Statistical Service, inflation in the food sector rose in the period January – August 2023 to 9.05% compared to the corresponding period last year. The corresponding inflation rate in the January-July period was 8.9% and in the January-June period 8.75%. In addition, comparing with the previous month of June 2023, an increase of 1.91% is observed which is due to the increase in prices of fresh and processed agricultural products by 4.5%.
The most significant increases were recorded in fresh fish and molluscs by 20.5%, greens by 6.1%, laundry detergents by 3.5%, legumes by 3%, rice by 2.8%, flour by 2.5%, sugar by 2, 2%, cookies 2.3% and other products at a lower rate.
Furthermore, the remaining 20 categories remained stable or recorded a decrease, with the main decrease recorded in frozen molluscs/shellfish by 9.2%, frozen fish by 8.3%, bread by 3%, charcoal and toilet paper by 2%, frozen breaded/precooked meats 1.6%, baby diapers 1.2% and eggs 1.1%.
It is emphasized once again that the Consumer Protection Service is intensively continuing the controls regarding the implementation of the measure of the zero VAT rate, recording the prices of 65 products, in nine different supermarkets which correspond to 58 points of sale all over Cyprus. The assessment of the Service for the period of application of the measure, shows that this has a very positive impact and a significant benefit for all consumers. More specifically, according to the last recording made on September 15, prices are maintained at a rate of 77% at exactly the same levels (or lower) as those recorded on May 3.
Lowest, Highest and Weighted Average Price by Product
Price Comparison: August 2023 – July 2023
Price Variation by Product
Price Indices
The Consumer Protection Service clarifies that Price Watches are prepared solely for consumer information purposes and do not in any way constitute advice. The Price Observatories are not intended and cannot replace the market research that each consumer must do based on their own preferences, data and needs, nor are they intended to indicate to consumers the points of sale they will choose or specific products.
It is particularly noted that some of the products included in the Observatory have quality differences that cannot be determined. For this purpose, the Service urges consumers to carry out substantial market research before proceeding with purchases, taking into account the results of the specific Observatory.
Details at consumer.gov.cy
