With 32 votes in favor, the Plenary Session approved the bill for the operation of the electronic platform e-kalathi and the regulation of the process of collecting and recording retail prices of specific consumer products by the Consumer Protection Service, along with providing continuous information to consumers about the prices of related goods.

According to the bill and the amendments made, the minimum annual turnover of businesses, determining their obligation to submit product prices to the e-kalathi platform, has increased from €2 million to €5 million. Additionally, the definition of "product code" has been added to ensure that comparisons are made based on this identifier.

Furthermore, the phrase "excluding promotional actions" has been removed from the definition of "unit sale price" to enable the submission of unit sale prices on the e-kalathi platform after applying any discounts. This change also applies to the provision requiring affected businesses to submit the sale price as listed on the product, its packaging, or the shelves where the product is placed, ensuring that submitted prices include any reduced prices due to ongoing promotional activities.

The bill also includes provisions allowing for hierarchical appeals to the Minister of Energy, Commerce, and Industry against decisions of the competent authority regarding the imposition of administrative fines.

The digital platform is set to launch around the summer of 2024, as previously reported by Brief. Konstantinos Karayiorgis, Director of the Consumer Protection Service, stated that following the bill's approval and its publication in the official gazette, the Service would promptly announce a competition. The competition is expected to be completed within two months from the publication date, followed by a period of 3 to 5 months to complete the necessary processes. "Therefore, the platform is expected to be operational around the summer," he added.

Karayiorgis explained that "e-kalathi" would be available as a mobile application for phones and tablets (Android and iOS), as well as a web application accessible via a computer. "Especially during crisis periods, the consumer will have a tool to provide transparency and immediate information on a daily basis, enabling them to make the most advantageous choices according to their financial circumstances," he noted.

Regarding the products to be included on the platform, Karayiorgis mentioned that the selected products would be those with the highest demand and significance in the household basket, based on statistical data, and would be included in the decree expected to be issued by the Minister of Commerce.

Karayiorgis thanked the House of Representatives for enacting the related bill into law and for their cooperation with the Service during this period.

In a statement, the Ministry of Commerce welcomed the enactment of the bill and assured that the preparation processes of the "e-kalathi" "will be promoted promptly by the Consumer Protection Service, so that it will be operational in the first half of 2024".

"The enactment of the bill represents a very positive development and is part of the Government's human-centered approach to support households, especially in difficult economic conditions and periods of external crises that affect purchasing power and the broader interests of consumers," the Ministry emphasized.

The Ministry believes that the Digital Platform "e-kalathi" will provide consumers "with the necessary transparency and immediate information, on a daily basis, about the prices of significant household products, as well as the ability to compare prices and create a shopping basket with the most advantageous and economical options".

Finally, the Ministry thanks the parliamentary parties "for their support in the lengthy effort to approve this legislative framework, as well as for their excellent cooperation in promoting and implementing policies aimed at protecting consumer interests".

At the same time, prices continue to soar, putting extra burdens on citizens' pockets. In November 2023, the Cyprus Consumer Price Index, compiled by the Cyprus Consumers Association, recorded price increases in 41 products/services compared to October of the same year, with potato prices soaring by 36%. Conversely, price reductions were noted in over 90 products/services.

Specifically, according to the Cyprus Consumers Association's price table for November, the most significant increase, at 36.07% compared to the previous month, was in the price of potatoes, which has risen by 23.6% since the beginning of the year. On the other hand, the most substantial decrease was observed in the price of fresh vegetables (excluding potatoes and other tubers) by 21.92% and in the price for hotels, motels, and inns by 20.47%.

Furthermore, the highest price increases in November, compared to the previous month, were recorded in dried vegetables and other preserved or processed vegetables at 7.03%, olive oil at 5.92%, various printed materials at 5.16%, and men's clothing and footwear at 5.08%.

Conversely, the most significant monthly price decreases were observed in vegetables at 9.34%, gasoline at 9.19%, automobile fuels and lubricants at 8.58%, garage rentals, parking spaces, and personal equipment at 6.98%, and heating oil at 6.46%.