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- Ελληνικά
The Consumer Protection Service announces the Consumer Product Price Watch for the month of May 2024. The Observatory presents the weighted average price for 250 basic 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 comparison of purchase prices from all retail outlets, supermarkets, bakeries, bakeries, bakeries, kiosks, etc.In conclusion, the assessment carried out for the month of May shows that the continuous increase in inflation from 1.2% in March to 2.4% in April and 2.7% in May, as a result of the increase in fuel prices due to geopolitical developments and the increase in inflation in the food sector, is reflected in the prices of several product categories recorded by the Observatory. In particular, food inflation stood at 1.82% in January-May 2024 compared to the same period last year, mainly due to the 6.27% year-on-year and 2.84% year-on-year increase in agricultural products, while the change in petroleum products reached 10% year-on-year.
As shown in detail in Table of the Office with the price indices for the month of May, in a total of 45 categories of basic products, 27 categories recorded an increase, of which 11 recorded an increase of more than 2%, 14 categories showed a decrease and another four categories showed no change.
More significant increases compared to the previous month were recorded:
- frozen molluscs/shellfish by 23.1% (+12.3% compared to May 2023)
- fresh meat by 7.9% (+11% compared to May 2023)
- fresh fish/molluscs by 4.5% ( -17,5% compared to May 2023)
- vegetables and greens by 3.5% (+8.3% compared to May 2023)
- oil by 3.2% (+3.9% compared to May 2023)
- pulses by 2.8% (+7% compared to May 2023)
- eggs by 2.8% (+0,6% compared to May 2023)
- pasta by 2.7% (-1% compared to May 2023)
- frozen fish by 2.6% (-2.9% compared to May 2023)
- fabric softeners by 2.2% (+11% compared to May 2023)
- pretzels by 2,3% (-1.0% vs. May 2023) and
- flour by 1.7% (-8.0% vs. May 2023)
14 categories recorded a decrease compared to the previous month, with the most important ones:
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- broth by 3.3% (+0.7% vs. May 2023)
- frozen fish breaded/cooked by 3% (-2.4% vs. May 2023)
- frozen burgers by 3% (-2,9% compared to May 2023)
- yoghurt by 1.9% (-1.7% compared to May 2023)
- toilet paper by 1.8% (-10.4% compared to May 2023)
- frozen pasta by 1.7% (-14,4% against May 2023)
- soft drinks by 1.6% (+6.0% against May 2023)
- sausages by 1.4% (-1.8% against May 2023)
- sugar by 1% (-15.2% against May 2023)
While vegetable cooking fat by 14% and LPG cylinder by 7.5% also recorded a large decrease against May last year.
As part of the continuous monitoring of the market and recording of trends as they evolve from international and domestic conditions, the Service has again carried out on 17/6/2024 the recording of prices of 52 common and very important for the household products in three supermarkets in Limassol. As shown in the comparative Observatory attached, the difference in the value of the most expensive basket from the cheapest is 2.0% or €230.90 compared to €234.76 with the middle basket at €231.17. In addition, the benefit to the consumer of applying the zero VAT rate to the 11 products covered by the measure is between €6.55-€7.41 on a total purchase of around €80 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 results of the controls, is that it has a positive effect on prices and, by extension, on inflation, since prices are being contained. In about 70% of products prices have remained at the levels of 5 May, when the measure was implemented.
According to the results of the last check carried out on 14/6/2024, compliance is universal with deviation rates for milk, eggs, sugar, coffee, baby diapers and vegetables 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 which each consumer must carry out 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 urges consumers to carry out substantial market research before making purchases, taking into account the results of this Observatory.
Detailed information on the Observatory is provided on the website of the Consumer Protection Service.
(NZ/EP)
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Views & opinions expressed are those of the author and/or PIO
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