Price hikes in many products in July, consumer service reports

The price of 27 out of 45 products monitored by the Cyprus consumer protection service increased in July, according to the latest price observatory report.

According to the service, the biggest rises were seen in fresh and frozen fish, as well as sugar, while greens and vegetables experienced a decrease.

This trend was highlighted in the latest report released on Wednesday. Moreover, the inflation rate decreased to 2.1 per cent in July, down from 2.9 per cent in June, marking a reversal from the previous upward trend.

This moderation in inflation was mirrored across several product categories. Notably, food prices experienced a slight rise, with inflation recorded at 2.2 per cent from January to July 2024, up from 2 per cent in the first half of the year.

This increase was driven primarily by a sharp 4.5 per cent rise in agricultural product prices in July alone.

Breaking down the changes, 27 categories saw price increases in July, with 13 of these recording a rise of less than 1 per cent.

Meanwhile, 17 categories experienced price declines, and one category—namely toilet paper—remained unchanged.

Fresh fish and molluscs registered the highest increase at 5.7 per cent month-on-month, with a year-on-year rise of 4.3 per cent.

Frozen fish prices also climbed 5.2 per cent compared to June but dropped 3.3 per cent compared to last July. Sugar prices mirrored this trend with a monthly rise of 5.2 per cent, despite a year-on-year decrease of 17.9 per cent.

Additionally, oil prices increased by 3.3 per cent from June, showing a substantial annual rise of 18.8 per cent.

Egg prices also went up by 2.7 per cent month-on-month and recorded a 2.1 per cent increase over July 2023.

Conversely, the largest price drop was in vegetables and greens, plunging by 14.3 per cent month-on-month and 14.6 per cent year-on-year.

LPG prices decreased by 2.3 per cent since June, yet they were up 3.3 per cent compared to July 2023.

Bread prices decreased by 2.2 per cent from June, with a slight year-on-year drop of 0.6 per cent. Prices for frozen molluscs and shellfish fell by 2.2 per cent month-on-month but were up 14.3 per cent compared to July 2023.

Furthermore, the service continued to emphasise its “dedication to the enforcement of the zero VAT rate and conducting sectoral audits”, which were recently focused on the fresh fruit and vegetable sectors.

Meanwhile, the service also said that it is “important to note that the price observatories aim solely to inform consumers and are not intended as purchasing advice”.

“Differences in product quality, which are not quantified by the observatory, necessitate that consumers conduct thorough market research tailored to their specific needs and preferences before making purchases,” the service concluded.