The Cyprus Consumer Protection Service on Friday reported that inflation in September rose by 0.7 per cent year-on-year.
Agricultural products saw a month-on-month increase of 3.1 per cent, while a 4.78 per cent drop in petroleum prices contributed to moderating overall inflation.
Among 45 product categories monitored, 23 saw price increases, including nine categories with hikes above 2.0 per cent.
On the contrary, 21 categories recorded declines, while LPG cylinders remained unchanged. Agricultural products noted a steep increase of 3.1 per cent over August and 8 per cent compared to September last year.
The service explained that “the assessment made for the month of September shows that the moderation of the 1.5 per cent increase in the inflation rate recorded in August, compared to 2.1 per cent in July and 2.7 per cent in June, continues,” with inflation contained in September at 0.7 per cent year-on-year.
This moderation largely results from a significant 4.78 per cent decline in petroleum prices month-on-month and a 11.4 per cent drop year-on-year.
However, food inflation experienced an increase, climbing 2.55 per cent over the January-September period versus the same period in 2023.
Notable month-on-month price surges included vegetables and greens, up 9.7 per cent (+6.7 per cent year-on-year), as well as frozen molluscs and shellfish, which rose by 9.3 per cent (+16.7 per cent year-on-year).
Other notable increases over the month were seen in fabric softeners (+5.1 per cent), baby milk (+3.8 per cent), and oil (+3.6 per cent). For baby food and laundry detergents, the service observed increases of 2.3 per cent each compared to August.
Conversely, 25 categories recorded price decreases, led by fresh meat, which dropped 3.9 per cent month-on-month (+2.0 per cent year-on-year), followed by reductions in baby diapers (-2.9 per cent), breakfast cereals (-2.6 per cent), and sugar (-2.1 per cent). Other reductions included frozen fish pane and pre-cooked pasta.
In addition, the service stated that “given the decision to reintroduce the zero VAT rate measure, it is continuing throughout October to intensively monitor the market.”
This applies to select items such as baby diapers, adult diapers, baby milk, feminine hygiene products, and fruits and vegetables. In its market surveillance, the agency said it monitors prices of 56 products in eleven supermarkets across the country.
The service clarified that “the price observatories are prepared solely for consumer information purposes and in no way constitute advice.”
It added that the observatories “are not intended to and cannot replace the market research that each consumer must carry out based on their preferences, data, and needs.”
Furthermore, consumers are encouraged to conduct individual market research, considering potential qualitative differences in products included in the observatory data.
