Food prices soar in Cyprus

In July, the Prices Observatory conducted by Cyprus’ Consumer Protection Service (CPS) recorded increased prices for 32 out of 45 categories of staple foods.

There were price deductions for 13 staple food categories. However, there was an overall price hike of 1.21% compared to the previous month. This was attributed to increased prices of fresh and processed agricultural products.

The CPS noted that the most significant price increases were in greens, with a 25.3% rise; frozen fish went up by 2%-5.5%, sugar by 3.7%, coffee by 3.3%, and water by 3.3% over the month. A 5.7% price dip was recorded in gas cylinders, a 15% drop in fresh fish prices, a 2.8% decline in condensed milk, 1.2% for pulses and 1.2% for baby food.

The price increase reflects the 8.9% inflation rate for food during the six months from January to June, the CPS said. It is continuing the checks regarding implementation of the zero-rate VAT measure, recording the prices of 65 products in nine different supermarkets, specifically in 58 points of sale throughout Cyprus.

[Financial Mirror]