Eleftheria Paizanou
The tsunami of increases in basic necessities due to the spike in prices of cereals, feed, fuel and electricity, raises the cost of living. In recent weeks, the increases have been particularly noticeable to consumers in Cyprus, with the result that their monthly budget rises while wages remain at the same level.
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Indicative are the data which show in recent months an increase of 40% in electricity prices, 25% in fuel, 5% in food, 11% in clothing and footwear and 10% in housing. The price of pasteurized milk is expected to increase from tomorrow, while the price of bread has increased by 2%. For the specific two products but also for water, according to the legislation, a ceiling can be issued by the Minister of Energy, something that is being examined. In fact, as it was said a few days ago, if necessary, the government will implement the law. On the other hand, government circles consider that with the imposition of a ceiling, product shortages may be observed, as in some other countries. There are also fears that there will be cases of profiteering. It is worth mentioning that the phenomenon may be global, however, in our country the wages are not so high as a result of which the purchasing power of the Cypriots is affected, who will inevitably stop wasting and buy the necessary products while reducing somewhat their expenses, so as to somewhat balance their expenses. According to expert estimates, the increases have come and will remain, with the most optimistic considering that the price rally will continue until mid-2022.
At € 3,241 the cost of living in Cyprus
However, we may still be at the beginning of the explosion of accuracy, however, according to data from the international platform expatistan.com, in the last six months there have been increases in various products, in the cost of living and in general expenses. “F” proceeded to compare the data concerning Nicosia, Limassol and Larnaca, which are included in the platform. The comparison of data is between April 2021 to the 26th of the month. The expatistan.com platform provides a summary of the cost of living in Cyprus. Today, for a family of four, the average estimated monthly cost is estimated at € 3,241 while the cost per person is estimated at € 1,461. It is worth mentioning that depending on the city, the expenses that consumers need each month are differentiated.
Nicosia costs more
Analytically, according to the October updated data included in the platform, in Nicosia, the estimated monthly expenses for a family of four are € 2,893 and for one person the monthly cost is around € 1,264. Besides, last April the monthly expenses for a family of four in Nicosia were € 2,815 and for one person € 1,234. The comparison of the data shows that in October a family of four people in the capital needed € 78 more than last April to cover its expenses. Also € 27 extra in October was the cost of living for one person. In fact, if one calculates the increases that have occurred in recent weeks which will increase further, then in six months the family of four will pay more € 468 and in one year its cost will increase to around € 936. Moreover, in six months the cost of living for one person will increase by € 162 and in one year by € 324.
Rents have also risen
Meanwhile, housing costs in Nicosia have risen in the last six months. In October, according to the website, the monthly rent for a furnished apartment of 85 sq.m. in an expensive area of Nicosia is € 853 compared to € 840 in April. Also this month the rent for a furnished apartment of 85 sq.m. in an average area is € 614 compared to € 590 in April. At the same time, the monthly rent for a furnished studio of 45 sq.m. in the exact area, which ranges at € 536, remains at the same levels. On the other hand, the monthly rent for a furnished studio of 45 sq.m. was increased in a normal area, which now costs € 536 compared to € 405 in April. In terms of expenditures, based on the data, the last six months are currently at the same levels. Specifically, a basic dinner for two in a pub in the neighborhood costs € 36, two tickets for movies € 18, two tickets to the theater € 35, dinner for two in an Italian restaurant, with appetizers, mainly dishes, wine and dessert € 55 ( in October the price was € 53). Besides, a cocktail drink in the city center € 8, cappuccino in the city cafes € 3.50 and a beer € 4.15. Variations are also observed in the prices of different foods. Specifically, today the consumer for the purchase of 500 gr. Boneless chicken breast pays € 7 compared to € 4.18 in April. Also until today was lower the price of a liter of milk which was sold € 1.39 compared to € 1.42 in April. According to the platform, the selling price of twelve eggs in October is € 5.22 (€ 4.55 in April) and one kilo of tomatoes € 2.02 (€ 1.90 in April).
The same with Nicosia or Limassol
In Limassol, the cost of living is at the same level as in Nicosia. Food in the capital, however, is 10% more expensive than in Limassol. The prices of some food in the capital are higher than in Limassol. Specifically, a dozen eggs are sold 44% more expensive in Nicosia (€ 5.22) than in Limassol (€ 3.63), 127% a bottle of red wine and 2% bread. On the other hand, housing in Nicosia costs 18% cheaper. For example, the monthly rent for a furnished apartment in an expensive area in Limassol today is € 1,229 per month compared to € 1,152 in April. In fact, in relation to Nicosia, rental prices in Limassol are increased by 31%. The monthly rent of a furnished apartment of 85 sq.m. in a normal area of Limassol today costs € 859 compared to € 844 in April. Compared to Nicosia, prices have increased by 28%. Also today the rent for a furnished studio of 45 sq.m. in an expensive area in Limassol is € 727 compared to € 701 six months ago. In fact, in relation to Nicosia, rents for such apartments are 26% more expensive.
The lonely will pay more
In October, the cost of living for a family of four in Larnaca is estimated at € 2,727 and for one person € 1,184. In fact, compared to April, the monthly expenses for a family of four are € 2,652 and for one person € 1,092. In fact, within six months the living expenses of a family of four increased by € 75, ie in the coming months their budget will increase by € 450 and in one year € 900. In addition, the monthly expenses per person increased by € 92, ie in the next six months he will pay more € 552 than he paid last year, while in one year the cost will increase by € 1,104. According to the data of the platform, the increases in Larnaca will touch more a person who lives alone than a family. Meanwhile, if one compares the prices between Nicosia and Larnaca, one finds that Nicosians pay 16% more for food, 7% for housing, 32% for clothes, 4% for personal care and 1% for entertainment. On the other hand, the people of Larnaca pay 11% more for transportation, more cost around € 600, than the residents of the other two cities.
