The Cyprus Consumers Association released , the table of new increases in basic goods.
Despite the imposition of a zero VAT rate, prices are rising…
The main conclusions drawn from the tables, based on a comparison with the July 2023 prices are:
1. In July 2023, 21% of the products on which the VAT zero rate was imposed had prices higher than the April prices before the VAT zero rate was imposed.
2. In July 2023, 27% of the products on which the zero rate of VAT was imposed had prices higher than the prices of May after the imposition of the zero rate of VAT.
3. In July 2023, 83% of the products which were zero-rated prices were higher than expected in May, after zero-rating, compared to April 2023 prices.
From the above conclusions, notes the Association, the general conclusion is that three months after the imposition of the zero VAT rate, 83% of the products were higher than the expected retail prices.
