Fluctuations In Consumer Goods
The data, compiled by the Consumer Protection Service, offers a detailed view of 250 basic consumer products. These were tracked across 400 retail locations island-wide throughout March. Notably, 23 categories saw price increases, whereas 21 experienced decreases. Milk prices remained steady from February, while significant hikes were seen in Cypriot coffee prices, which soared by 8.7% month-on-month and are up 24.6% compared to last year.
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Rising And Falling Prices
Other increases included frozen hamburgers (6.5%), baby foods (4.1%), and bottled water (4.1%). Meanwhile, various items like vegetables saw a steep price drop of 23%, fresh fish decreased by 11.3%, and vegetable cooking oil by 6.6%. The price reductions extended to legumes, tampons, and fabric softeners.
Underlying Causes And Sector Insights
The decline in the inflation rate is largely due to a drop in clothing and footwear prices, counterbalanced by hikes in restaurant and hotel charges, alongside rising costs for foodstuffs and non-alcoholic beverages. The Consumer Protection Service highlights this data solely as a guideline for consumers, stressing the importance of personal diligence when shopping.
