Increased 1.21% over June according to Consumer Protection Agency
Which products registered a decrease
Increases in 32 of the 45 categories of basic consumer products were recorded by the Consumer Protection Service in the Consumer Product Price Observatory for the month of July 2023. At the same time, a decrease in prices was observed in 13 categories, respectively. Compared to June 2023, there is an increase of 1.21%, which, according to the Service, is due to a 3% increase in the prices of fresh and processed agricultural products.
The Service's announcement states specifically that, of the 32 categories that showed an increase, the most important ones are greens with 25.3%, frozen fish 2%-5.5%, sugar 3.7%, coffee 3.3%, water 3.3% and other products at a lower rate.
On the other hand, among the 13 categories that recorded a decrease, there are gas cylinders with a decrease of 5.7%, fresh fish by 15% , evaporated/sweetened milk by 2.8% and legumes by 1.2%, while a decrease was also observed in baby food prices by 1.2%.
The Service notes that< em>“the assessment made for the month of July shows that prices show increases in most product categories, especially food, which also reflect the published data of the Statistical Service, according to which inflation in the food sector rose in the period of January – July 2023 at 8.9% compared to the corresponding period last year”. He also mentions that the corresponding inflation rate in the six months January – June 2023 was 8.75%.
It is noted that the Price Observatory presents the weighted average price for 250 basic consumer products (food and others), based on the quantities and prices per day at which these products were made available in 400 retail stores throughout Cyprus throughout the month. The purpose of the Observatory is to provide the consumer with an objective comparative view of purchase prices from all retail stores, supermarkets, bakeries, bakeries, kiosks, etc.
The Consumer Protection Service underlines that it is continuing intensive checks regarding the implementation of the zero VAT rate measure, recording the prices of 65 products in nine different supermarkets and specifically at 58 points of sale throughout Cyprus.
The Consumer Protection Service clarifies, also, that the Price Observatories are prepared exclusively for consumer information purposes and in no case constitute advice, while they are not intended and cannot replace the market research that each consumer must do based on their own preferences, data and needs, nor they are intended to indicate to consumers the points of sale they will choose, or specific products.
In particular, it is 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.