Cyprus experienced significant fluctuations in consumer prices over the past year, with fresh produce and olive oil seeing substantial increases, the Cyprus Consumer Association reported on Thursday.
Fresh fruit and vegetable prices surged by 20% in July compared to June, marking the most significant monthly increase. Conversely, footwear prices dropped by 15% during the same period, likely due to summer sales.
On an annual basis, olive oil prices skyrocketed by 62% from July 2023 to July 2024, while sugar prices fell by 26%.
The Consumer Association noted that despite overall inflation remaining below 3%, general price levels continue to be very high.
Other notable monthly increases included:
- Potatoes: 17%
- Organised holidays: 15%
- Airline tickets: 12%
- Hotels: 10%
Significant annual price hikes were also observed in:
- Fresh vegetables: 20%
- Organised holidays abroad: 17%
- Potatoes: 16%
- Chocolates: 14%
The Association highlighted that while some sectors saw price decreases, such as sugar (-26% annually) and airline tickets (-13% annually), the overall cost of living remains a concern for Cypriot consumers.
These findings are based on the Consumer Price Index data from the Statistical Service of Cyprus.
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