Nicosia, Cyprus. Cyprus’ consumer protection service said it has detected no unjustified supermarket price rises since conflict broke out in the Middle East early last month. The service said it is monitoring basic goods and fuel prices and does not currently support imposing price controls.
Monitoring of basic goods prices
The head of the competition branch at the consumer protection service, Aliki Iordanou, said the department is monitoring 45 categories of basic products. She said prices in 33 of those categories have risen on average since the beginning of March, while adding that supermarkets are “holding back increases” to keep prices down for consumers.
Inflation and price control stance
Iordanou said inflation in Cyprus in March stood at 1.2%, the second-lowest rate among European Union member states. She said there is no need for the government to introduce price controls on fuel or other basic goods, describing such a move as “not justified by domestic or international conditions”.
Fuel price checks and potential recommendations
She said the service continuously monitors prices using its established formula and mechanism, including fuel prices for imports from Greece and Israel. She added that the department monitors the entire chain of fuel import and distribution to ensure any increases passed on to consumers are justified.
Iordanou said that if price increases are found to be unjustified, the service would recommend to the commerce minister that price controls be imposed, while noting that such measures would be difficult in those cases.
She said there is currently no reason to impose price controls in either the food market or the fuel market, and that no unjustified price increases have been identified that would warrant such action.
Do you think the government should introduce price controls if inflation rises further?
