The recent data from the Cyprus Statistical Service shows a 0.70 percent drop in the Construction Materials Price Index compared to last year, signaling a decrease in construction material costs. Metals experienced the most significant decline at 5.29 percent, potentially offering costsaving opportunities for construction projects in Cyprus.
Tourist arrivals in the first quarter of 2024 saw a promising growth of 5.4% compared to the previous year, showcasing a positive trend for Cyprus’ tourism sector amidst global challenges. Deputy Tourism Minister Costas Koumis shared this encouraging news at the Fish Festival in Polis Chrysochous, highlighting the industry’s resilience in navigating through various adversities and economic hurdles from key source markets.
The recent increase in Cyprus’s fuel prices is due to the government’s decision to end a tax reduction on petrol, diesel, and heating oil, with hikes of 4.5 cents, 1.3 cents, and 0.4 cents per litre respectively. Consumers are now facing significantly higher prices postreinstatement, leading to financial strain for many.
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 budgetconscious 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.
