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Wednesday, October 4, 2023

Was there no increase in product prices?

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In the show “DISTRIBUTING NEWS” the head of the Competition Branch of the Ministry of Consumer Protection of the Ministry of Commerce, Aliki Iordanous regarding the reports of price increases

Υπorρξε η oχι αyξηση στις τιμeς των προioντων;

The position that there was no increase in the prices of products despite the zero VAT rate was formulated by the head of the Competition Branch of the Consumer Protection Service of the Ministry of Commerce, Aliki Jordanous.

Ms Jordanous, invited to comment on the SPOR FM show, “DISPORA IDISSEON”, the reports about more expensive products despite the zero VAT rate, stated that this picture does not applies and does not reflect their own publication.

He added that according to their own Price Watch, there was a decrease in 29 of the 45 product categories compared to the previous month, while for June 2022, he reported that there were increases due to the war in Ukraine and the Corona virus.

At the same time, he said that of the 29 product categories that saw a price decrease, some of them are gas cylinder, frozen products, pasta, oil, fresh fish, legumes, flour, sugar and fresh vegetables (cucumbers, tomatoes, collard greens).

On the other hand, according to the head of the Competition Branch of the Ministry Consumer Protection, we had increases in tomato juices, potatoes, seasonal products, while for fresh meat we had a price increase from June 15 due to the increase in production costs.

Ms. Iordanous noted that the Service conducted and continues to conduct audits in all supermarkets, stressing that the measure for a zero VAT rate was applied universally, while greater reductions were also noted. “The measure was implemented on April 2023 prices, prices fell, the rate level or even more, the consumer benefited.”

Regarding fears of a food crisis and new price hikes, Ms. Iordanous said markets are uncertain, and conditions, with two key factors being grain prices and fuel prices.

“Regarding grain prices , have already risen 3.5% in the grain market since yesterday on the news of Russia freezing the deal and today it is confirmed that if its conditions are not met, it will remain in the deal freeze. In addition to the food crisis, it will create revaluations, as Mr. Guterres said, it will lead to an increase in the cost of living.

Fuel prices, oil prices are showing some increases, after Saudi Arabia and Russia cut production,” he said, commenting on the upward trends, expecting them to be reflected in the retail price.

Source: www.kathimerini.com.cy

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