Cyprus saw a significant rise in consumer prices in August 2024, with olive oil prices soaring by 62 per cent compared to August 2023.
According to the latest Consumer Price Index data, which was processed by the Cyprus Consumer Association, potatoes saw a similarly sharp increase, with prices climbing by 29 per cent over the same period.
In addition to these essential food staples, other categories recorded notable hikes. Ticket fares for passenger buses and coaches rose by 26 per cent, while fresh vegetables experienced a 19 per cent rise.
However, the price of sugar saw a notable drop, falling by 27.6 per cent compared to August 2023.
Likewise, the cost of international flights declined, down 13 per cent year-on-year.
When comparing August 2024 to the previous month of July 2024, fresh vegetables experienced the most significant month-on-month increase, jumping by 25 per cent.
Furthermore, vegetables saw an 18 per cent rise, while potato prices climbed by 16 per cent.
Meanwhile, fruit prices recorded a 6 per cent decrease, and frozen seafood dropped by 4 per cent during this period.
