Rising Food Prices Strain Cypriot Households
In recent months, Cypriot households have been grappling with escalating food costs, leading to increased financial strain. A survey conducted by IMR and the University of Nicosia revealed that the average monthly food expenditure rose to €460 in October 2024, up from €438 in July, marking a 5.2% increase. This surge has left nearly half of the respondents (48%) struggling to meet their basic consumption needs, with 16% finding it significantly more challenging than before.
The survey also highlighted a growing sense of economic pessimism among Cypriots. Approximately 45% of individuals aged 45–64 anticipate a worsening economic climate in the coming months. Pensioners are particularly affected, with 37% reporting a decline in their financial situation over the past three months. This economic downturn has led to reduced spending on non-essential items, such as clothing and footwear, and a near absence of intent to make significant purchases like cars or property in the near future.
In response to these challenges, the Cypriot government reinstated a zero VAT rate on essential items, including baby products, feminine hygiene products, and fresh produce. Despite these measures, market analyses indicated price increases in 21 out of 45 basic goods categories, prompting skepticism among consumers regarding the effectiveness of governmental interventions.
As food costs continue to rise, many Cypriot families are bracing for further financial difficulties, underscoring the need for effective solutions to address the mounting economic pressures.
Market Cyprus - News Service
Our digital marketing platform publishes daily captivating news about Cyprus, covering diverse topics from cultural events and historical insights to modern developments and travel tips. Stay informed and engaged with our up-to-date, interesting content showcasing the beauty and vibrancy of Cyprus.