Cyprus has experienced stable prices in October, with inflation remaining below zero for the sixth consecutive month, according to the Consumer Protection Service’s monthly price observatory.
- Cyprus has experienced stable prices in October, with inflation remaining below zero for the sixth consecutive month, according to the Consumer Protection Service's monthly price observatory.
- The observatory analyses weighted average prices for 250 essential consumer products across 400 retail outlets throughout the island, using daily data that covers both food and non-food items.
- The latest findings indicate a consistent decline in annual inflation rates, which stood at 0.9 per cent in July and August, 0.7 per cent in September, and dropped to 0.3 per cent in October.
- On a monthly basis, electricity prices rose slightly by 1.7 per cent, while agricultural product prices remained stable following a combined increase of 3.5 per cent in August and September.
The observatory analyses weighted average prices for 250 essential consumer products across 400 retail outlets throughout the island, using daily data that covers both food and non-food items.
Stable prices: Annual Inflation Rates Show Decline
The latest findings indicate a consistent decline in annual inflation rates, which stood at 0.9 per cent in July and August, 0.7 per cent in September, and dropped to 0.3 per cent in October.
Consumer Price Movements in October
Services recorded the most significant year-on-year increase in October, climbing by three per cent. In contrast, prices for petroleum products saw a notable decrease of 7.5 per cent, agricultural products fell by 2.6 per cent, and electricity costs decreased by two per cent.
On a monthly basis, electricity prices rose slightly by 1.7 per cent, while agricultural product prices remained stable following a combined increase of 3.5 per cent in August and September.
Product Category Variations
Among the 45 product categories tracked, 33 recorded moderate monthly increases of less than three per cent, while 11 categories became cheaper. Notably, frozen breaded and pre-cooked fish saw no price change.
In terms of year-on-year price changes, 18 categories were cheaper in October compared to the previous year, with reductions reaching as high as 16 per cent. Evaporated and sweetened milk rose by 6.5 per cent compared to September, while frozen molluscs and shellfish increased by 6.2 per cent. Other notable increases included instant coffee at 3.5 per cent, fresh vegetables and herbs at three per cent, and infant formula at 2.7 per cent.
Market Insights and Consumer Advice
The service also provided an updated comparison of supermarket prices through the e-kalathi digital platform. The number of identical products available across seven major supermarket chains increased from 228 on October 15 to 257 by November 19.
Despite the ranking of the most expensive and cheapest chains remaining unchanged, the average cost of a basket of goods rose from €147.05 to €153.68. The most expensive supermarket’s basket for these 257 items totalled €1,090, while the cheapest came in at €936.50.
The Consumer Protection Service has encouraged consumers to utilise the e-kalathi platform and its mobile app to make more informed purchasing decisions. They emphasised that the price observatories are intended solely for informational purposes and should not replace individual market research tailored to personal preferences and needs.
Additionally, the service reminded consumers that some products may have qualitative differences that cannot be easily quantified, underscoring the importance of thorough checks when considering price observatory findings. Detailed data can be accessed on the Consumer Protection Service’s website.
