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The Consumer Protection Service announces the Consumer Product Price Watch for the month of February 2024. The Observatory presents the weighted average price for 250 key consumer products (food and other products) based on the quantities and prices per day at which these products were sold in 400 retail outlets nationwide throughout the month.
The purpose of the Observatory is to provide the consumer with an objective comparative record of purchase prices from all retail outlets, supermarkets, bakeries, bakeries, bakeries, kiosks, etc.
In conclusion, the assessment made for the month of February shows that despite the moderation of inflation to 1.8%, compared to 1.7% in January and 1.6% in December, inflation in the food sector rose to 2.36% in January-February 2024 compared to the same period last year, mainly due to the positive change in agricultural products of 5.6%. Petroleum products also recorded a change of 1.61%.
As shown in detail in the Agency's Table of price indices for the month of February, in a total of 45 categories of basic products, 24 categories recorded an increase, of which 12 recorded an increase of less than 1%. In particular, in addition to the 33% increase recorded by fresh vegetables and greens, which was followed by decreases in certain products in March, as recorded by the comparative price observatory, fresh fish and molluscs also recorded a significant increase of 5.5%, vegetable cooking fat by 5.4%, oil by 2.9% and baby food by 2%. This was followed, at much lower rates, by increases of 1.9% in purgery, 1.8% in flour and soft drinks respectively, 1.6% in evaporated and sweetened milk and 1.2% in fabric softeners.
The other 21 categories of the Observatory recorded a decrease with the main ones being frozen pasta by 4.3%, frozen molluscs/shellfish by 4.3%, sugar by 3.8%, sausages by 3.1%, frozen fish by 3.2% and frozen pane and precooked meat by 2.6%. This was followed by sanitary towels and toilet paper by 1.6% respectively.
In the context of continuous monitoring of the market and recording of trends, as they evolve from international and domestic conditions, the Service has again, on 19/03/2024, recorded the prices of 53 common and very important products for the household in three supermarkets in Limassol. As shown in the comparative Observatory that επισυνάπτεται, the difference in value between the most expensive basket and the cheapest basket is 6.5% or €256.87 compared to €241.43 with the middle basket at €246.33. In addition, the benefit to the consumer of applying the zero rate of Value Added Tax (VAT) to the 11 products covered by the measure amounts to between €6.55 - €7.00 on total purchases worth around €85 depending on the supermarket.
It is reiterated that the Consumer Protection Service continues intensive checks on the implementation of the zero VAT rate measure, recording the prices of 88 products from all categories approved in nine different hypermarkets in 58 points of sale across the country. The current assessment from the implementation of the measure based on the findings of the audits is that it has had a positive effect on prices and thus inflation since prices are being contained and in about 70% of products prices have remained at the levels of 5 May when the measure was implemented. According to the findings of the last audit carried out on 19/03/2024, compliance is universal with deviation rates for milk, bread, eggs, sugar, coffee and baby diapers at 70-100% and for other products at a lower rate.
The Consumer Protection Service clarifies that the Price Observatories are prepared solely for consumer information purposes and in no way constitute advice. The Price Observatory is not intended to and cannot replace the market research to be carried out by each consumer on the basis of his or her own preferences, data and needs, nor is it intended to indicate to consumers the points of sale to choose or specific products.
In particular, it should be noted that some of the products included in the Price Observatory are subject to qualitative differences which cannot be determined. To this end, the Service encourages consumers to carry out meaningful market research before making purchases, taking into account the results of this Observatory.
The detailed data of the Observatory are provided at website of the Consumer Protection Agency.
(NZ/MS)
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