During October, consumers saw price decreases in fresh fish and vegetables by 17% and 13% respectively, while toilet paper prices surged by 17%. Overall, 28 product categories saw price reductions, with 14 experiencing drops over 1%. In contrast, 17 categories had price increases, with notable hikes in toilet paper, frozen molluscs and shellfish, and fabric softeners. Shopping around can yield savings for budget-conscious consumers, as there is a variance in supermarket pricing for a standard basket of 56 goods, with an average price of €247. Starting from November 1, a zero VAT rate on select products is expected to benefit consumers, with savings of €5.74 on a €60 purchase.
What recent price changes have occurred in consumer goods?
During October, consumers saw price decreases in fresh fish and vegetables by 17% and 13% respectively, while toilet paper prices surged by 17%. Overall, 28 product categories saw price reductions, with 14 experiencing drops over 1%. In contrast, 17 categories had price increases, with notable hikes in toilet paper, frozen molluscs and shellfish, and fabric softeners.
October’s Price Variations
Consumers experienced a mix of price shifts in essential goods during the month of October. Notably, the cost of fresh fish and vegetables saw a significant decline, dropping by 17 and 13 percent respectively. In contrast, there was an unexpected surge in the price of toilet paper, which increased by 17 percent compared to the previous month.
The Consumer Protection Service noted that inflation was somewhat contained in October, registering at 3.5 percent—down from 4 percent in September, and higher than 2.6 percent in August. In the grand scheme, 28 product categories recorded price decreases, with 14 witnessing reductions greater than one percent. On the flip side, there were increases in 17 different categories.
Diving deeper into the specifics, fresh fish took the lead with a 17.4 percent decrease in cost, while vegetable prices fell by 13.4 percent. Pasta lovers saw a 4.1 percent price reduction in their favorite carb, and frozen fish and meat prices dipped by 3.8 and 3.5 percent, respectively. Even bottled water became slightly more affordable with a 1.8 percent drop.
Additionally, there were modest decreases in the price of flour, down by 1.6 percent, and sugar, which saw a one percent reduction.
Notable Price Hikes
Amid the downward trends, certain items bucked the trend and became more expensive. Toilet paper took the spotlight with a 17.4 percent hike. Other increases included frozen molluscs and shellfish, which went up by 4 percent, and fabric softeners, which saw a 3.1 percent rise in price. Gas cylinders, essential for cooking and heating in many households, increased by 2.7 percent, while fresh meat, frozen precooked fish, and local coffee rose by 1.7 and 1.5 percent respectively.
It was observed that a decrease in energy costs helped to relieve the price pressure across several products. This suggests a direct correlation between energy prices and consumer good pricing, highlighting how fluctuations in the energy market can have far-reaching effects on everyday expenses.
Supermarket Price Variances
In an interesting revelation about consumer shopping, there appears to be a variance in supermarket pricing for a standard basket of 56 goods. The cost of this basket spanned from €232 to €255 across three different supermarkets, with an average price of €247, indicating that shopping around can yield savings for budget-conscious consumers.
VAT Rate Changes and Consumer Savings
Starting from November 1, the application of a zero VAT rate to nine products is expected to benefit consumers, with savings amounting to €5.74 on a total purchase worth €60, although these savings may vary depending on the supermarket. This initiative is part of broader measures aiming to reduce the cost of living and support consumers during times of economic uncertainty.
The price observatory continues to monitor these trends closely, providing valuable insights into the dynamics of consumer goods pricing and helping individuals make informed decisions about their spending.
Quick Recap
- Consumers saw price decreases in fresh fish and vegetables by 17% and 13% respectively, while toilet paper prices surged by 17% in October.
- Overall, 28 product categories saw price reductions, with 14 experiencing drops over 1%, while 17 categories had price increases, including toilet paper, frozen molluscs and shellfish, and fabric softeners.
- Shopping around can yield savings for budget-conscious consumers, as there is a variance in supermarket pricing for a standard basket of 56 goods, with an average price of €247.
- Starting from November 1, a zero VAT rate on select products is expected to benefit consumers, with savings of €5.74 on a €60 purchase.
- Fluctuations in energy costs can have far-reaching effects on everyday expenses and consumer goods pricing.
