So far, the increases in fuel prices and the rise in inflation recorded both within and outside the Eurozone have not led to any changes in the prices of consumer products and basic goods.
This was confirmed on the Alpha News program by Marios Antoniou, Secretary General of the Pan-Cyprian Retail Trade Association, who explained that, for the time being, we should avoid scaremongering and spreading uncertainty among consumers, as there are no indications that any price increases will be imposed in the immediate future. He further explained that supermarkets and stores maintain “good stock levels of essential goods,” while suppliers have “ample quantities” of goods in their warehouses. Mr. Antoniou noted that these stockpiles are expected to keep the retail sector running smoothly for at least two months.
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Prices of school supplies remain stable at supermarkets
At the same time, the Secretary-General of the Pancyprian Retail Trade Association clarified that the small increases in consumer goods prices imposed recently are due to factors outside the, such as foot-and-mouth disease, which “pushed up” the prices of milk, dairy products, and local meats.
Mr. Antoniou emphasized that fuel prices, price hikes, and inflation have reached “historically high levels,” and he did not rule out the possibility that, in the long term—and if the situation persists—there could be calls for price increases.
Assessing retail sales data for the summer season, Mr. Antoniou noted that discounts provided a significant boost to clothing and footwear sales, while the tourism industry performed very well despite initial “fear-driven” forecasts of reduced revenue.
