The prices of products in the Hypermarkets, a month and a half after the implementation of the measure, are maintained at a percentage of 86%
File photo.
The measure of the zero VAT rate appears to have a positive impact on seven basic product categories, as shown by the price recording carried out by the Consumer Protection Service of the Ministry of Energy, Trade and Industry, according to a statement from the Service.
According with the recording, the prices of the products in the Hypermarkets, a month and a half after the implementation of the measure, are maintained at a percentage of 86% at exactly the same levels as immediately after the implementation of the zero rate, it is added.
With the aim of better informing consumers regarding the results of the implementation of the measure of zero rate of VAT on basic necessities, which was implemented by the Government on May 5, 2023, the Consumer Protection Service recorded the price of 65 products, in nine different supermarkets and, specifically, in 58 sales points all over Cyprus. The registration was carried out in two stages: before and after the implementation of the measure, on 3/5/2023 and 22/6/2023 respectively.
According to the price records, between the dates mentioned above, there were fluctuations in the sales prices of the products, which are justified by the market data in the period in question.
At the same time, individual price differences were found, which were the result of discounts or offers during the above period. The greatest deviation in the application of the measure was recorded, mainly, in baby products (food, milk and diapers).
Taking into account the results of the recording, but also the feedback it receives, the Service estimates that the application of measure has a positive impact and significant benefit for consumers.
Encourages consumers to conduct substantial market research in order to identify products and prices that meet both their affordability and requirements.
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