Inflationary pressures are really high and their impact on households and businesses is now unpredictable, given the fact that price hikes are expected to be more severe.
Since the beginning of June, according to market officials, prices have increased by about 10-11%, when, in the meantime, prices of almost all products, in May, have already risen by an average of 5 to 6%.
With the food commodity index surpassing even the record for average inflation for the second month in a row (prices in this category in May 2022 rose by 12.1% year-on-year with the CPI being at 11.3%, while, in April, they had risen by 10.9% with the CPI being at 10.2%), the estimates for June are even more gloomy.
The soaring prices of raw materials, energy, transport and packaging, with no visible signs of a de-escalation, have led to price increases even though consumers tend to prefer offers and cheaper products, in order to make ends meet.
New price increases are expected in the next three to four weeks with stationery, milk, and cheese being among the consumer goods that will (again) become more expensive.
Price increases of over 20%
After the Russian invasion of Ukraine, a basket of 25 everyday goods has become 6.2% more expensive. And what is more worrying is that price increases concern all products, not just those directly related to raw material imports from Russia and Ukraine.
Basket of 25 products 1 March 2022 10 June 2022
Eggs medium (6 pieces) 2.29 2.75
Flour 1 kg 1.28 1.54
Coca-Cola 1,5 lt 1.47 1.48
Liquid dishwasher detergent 1.73 1.92
Extra Virgin Olive Oil 1lt 7.66 8.44
Feta cheese 400 g 4.84 5.5
Sunflower oil 1 lt 3.62 4.35
Imported bananas 1.43 1.51
Rice 1 kg 4.23 4.26
Pasteurized milk 1.38 1.42
Maze oil 1 lt 4.02 4.75
Instant coffee 200g 7.29 7.05
Lentils 500 g 1.88 1.85
Fresh chicken 1 kg 3.35 2.93
Yoghurt 5% fat 500 g 2.28 2.18
Pasta No 6 500 g 0.97 1.02
Starkin apples (bulk) 1 kg 1.31 1.67
Mineral water 6×1,5 lt 1.79 1.63
Cyprus potatoes (fresh) 3 kg 3.45 3.72
Chocolate 100 g 1.47 1.53
Toilet paper (8 pieces) 4.31 4.65
Margarine 500 g 2.68 2.63
Tomato sauce 500 g 0.79 0.77
Smoked turkey 160 g 2.44 2.48
Bread for toast 500 g 1.85 2.08
TOTAL 69.81 74.14
The price of eggs, for example, increased by 20%, according to data from the Ministry of Development and Investment’s e-Consumer platform. More specifically, from 2.29 euros, on March 1, which was the average price, on June 10, their price had reached 2.75 euros.
During the same period, the average price of olive oil increased by 10.1%, i.e. from 7.66 euros per liter its price jumped to 8.44 euros.
Much higher than the average increase in the basket was the increase of the price of a branded liquid detergent for dishes, a product that has no direct link to the war. In particular, it increased by 11%, from 1.73 euros to 1.92 (400 ml bottle).
The average price of feta cheese (400g pack) is similar. Between 1 March and 10 June it increased by 13.6% (from 4.84 euros to 5.5 euros).
The average price for a kilo of all-purpose branded flour on supermarket shelves was €1.28 on 1 March. On 10 June, based on data from the e-Consumer platform, the average price rose by 20.3% to 1.58 euros.
The price of branded maize oil (one-litre bottle) increased by 18.1%, of the sunflower oil by 20.1%, while the price of the bread for toast (500g pack), between 1 March and 10 June, increased to 2.08 euros from 1.85 euros (12.4% increase)
The average price of potatoes increased by 7.8%. In particular, a kilo of Cyprus potatoes on 1 March was sold at supermarket chains for 1.15 euros (average price), while on 10 June, the price had risen to 1.24 euros. Bananas were also 8 euro cents more expensive at the same time, from 1,43 euro to 1,51 euros.
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