A reduction that must continue – according to the Cyprus Consumers Association – was recorded in November 2023 for a large number of products.

Speaking to Brief, the President of the Cyprus Consumers Association, Marios Drousiotis, mentioned that the reductions observed in November 2023 were a result of the de-escalation of inflation, which decreased from 3.5% in October to 1.7% in November 2023.

Moreover, according to Mr. Drousiotis, this is the reason why further price reductions should occur in January, attributed to decreases in fuel and electricity prices.

Explaining further, the President of the Consumers Association expressed the belief that the reduction recorded in fuel prices and electricity subsidies in November would result in further decreases in product prices.

He noted that this further reduction should be evident in January 2024, as December typically does not see price reductions due to the holiday season and increased demand.

According to the data from the Consumers Association, the most significant price reductions in November were in fresh vegetables, hotels, and fuels.

Conversely, price increases were observed in potatoes, dried vegetables, and olive oil.