Sharp increase in the prices of basic consumer goods over the last four years

It is estimated that food prices in the Cypriot market increased by over 19% between May 2020 and May 2024, with the effects of the pandemic, subsequent inflation and the energy crisis still evident.

Basic items in the shopping basket are noticeably more expensive four years on, plaguing consumers, with increases in some categories even reaching 100% and the cost of products doubling.

According to Eurostat's food price monitoring tool, which collects data based on the Harmonized Index of Consumer Prices of Cyprus, price increases over a four-year period have affected more than 20 basic categories of consumer products.

‘Golden’ olive oil

The largest increase, of 98%, over the four years was recorded in May 2024 in the price of olive oil.

Increases of 55.3% and 53.6% were recorded in May this year compared to May 2022 for oils and fats, but also for other edible oils respectively.

With the price of meat increasing by 17.9%, the rest of the sub-categories also moved up, such as lamb and goat (51.4%), beef (33.9%) and pork (23.3%).

Sugar and coffee prices have been hit

The increase in the price of sugar touched 43% within a four-year period, while the increase in the price of coffee, tea and cocoa reached 20.2%.

In the bread category, it is estimated that the cost increased by 18.5%, while if grains and cereals are also included, the increase is close to 20%.

In the category of milk, cheese and eggs, prices increased by 14.3%, for fresh whole milk by 12.3%, for yogurt by 7.%, for butter by 12%, while in the category of eggs alone, the increase reached 27.4%.

The increase in the fish and seafood category in four years was 10%, while the increase in the prices of wines (6%) and beer (6%) was milder.

Price differences (May 2020-May 2024)

Bread and grains/cereals: 19.8%

Bread: 18.5%

Meat: 17.9%

Beef: 33.9%

Pork: 101.7% - 125: 23.3%

Lamb and goat: 51.4%

Poultry: 7.8%

Fish and seafood: 10%

Milk, cheeses, eggs: 14.3%

Fresh whole milk: 12.3%

Yogurt: 7.5%

Cheese and curd: 17.1%

Eggs: 99.4 - 126.8%: 27.4%

Oils and fats: 103.8% - 159.1%: 55.3%

Butter: 142.3% - 154.3%: 12%

Olive oil: 105.8% - 203.8: 98%

Other edible oils: 92% -145.6%: 53.6%

(Sources: Food price monitoring tool/Eurostat, InBusinessNews)