Cyprus Consumers Association

As temperatures rise, so do the prices of summer essentials in Cyprus, with ice creams, package holidays and hotel stays seeing noticeable hikes, according to data released by the Cyprus Consumers Association.

Last month the price of olive oil in Cyprus surged by 61.7% compared to March 2023, per the Cyprus Consumers Association. Additionally, passenger transport by bus and coach witnessed a notable increase of 16.5%, according to data compiled in a table by the association, analyzing the consumer price index.

Following the elimination of the 8.3-cent subsidy per liter on April 1, increases in the average price of 95-octane gasoline have been observed in the districts of Limassol, Nicosia and Famagusta, with the exception of Paphos, where the price only rose by 8 cents.

Household appliances in Cyprus, such as refrigerators, washing machines and TV sets, are expected to experience price increases in the near future. The Retail Trade Association attributes this development to the Red Sea tensions. However, the Cyprus Consumers Association deems any price hikes in household appliances due to Houthi attacks on cargo ships as unjustified.

Cypriot citizens are in turmoil following the termination of reduced special consumption tax rates on transportation and heating fuels, which resulted in increases of 8.32 cents in gasoline and diesel, and 6.83 cents in heating fuel.