The December 2024 Consumer Price Observatory by Cyprus’s Consumer Protection Service reveals notable price shifts in essential goods. Fresh vegetables, fish, and meat saw the largest monthly increases, while bread rolls, oil, and flour registered significant reductions.

The Observatory, which analyzes average weighted prices for 250 key consumer products across 400 retail outlets nationwide, aims to provide transparent comparative price data for consumers. However, it emphasizes that its findings are not a substitute for personal market research.

December’s inflation rate surged to 2.6%, compared to 1.5% in November, primarily due to a 7.6% rise in food and non-alcoholic beverages and a 4.4% increase in restaurant and hotel prices. Agricultural products played a major role, with a 16.8% year-on-year price hike.

While fresh produce and meats experienced substantial increases, 31 out of 45 product categories showed price reductions compared to the previous month, with 11 categories posting decreases exceeding 3%.

Key Increases:

• Fresh vegetables and greens: +30.7%

• Fresh fish: +9.2%

• Fresh meat: +8.0%

Notable Reductions:

• Bread rolls: -10.0%

• Oil: -8.3%

• Flour: -7.6%