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Prices have risen 32.8 per cent since start of millennium

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By Liam Carter

Since the start of the new millennium, prices in Cyprus have increased by a total of 32.8 per cent on average, with alcohol and tobacco rising a whopping 66 per cent and almost 92 per cent respectively, and food by over 60 per cent.

Statistical data analysed and published by Eurostat shows how the economy of the European Union and its member states have evolved since the year 2000.

The just-published figures show that tobacco and alcohol, alongside housing, water, electricity and gas have increased by 91.8 per cent and 66 per cent respectively overall in Cyprus during the period.

On average, the price for alcoholic beverages and tobacco in the European Union (EU) increased by 92.1 per cent.

Meanwhile, the average price for housing, water, electricity and gas have increased by 57.2 per cent between 2000 and 2017.  In Cyrus the same figure was 64 per cent, 9 percentage points above the EU average.

The highest price hike amongst EU member states for housing, water, electricity, gas and alcoholic beverages and tobacco was reported in Romania with an increase of 536.5 per cent and 726.5 per cent respectively.

Moreover, between 2000 and 2017, the prices for food and non-alcoholic beverages in Cyprus increased by 62.6 per cent. By contrast, on average, prices for food and non-alcoholic beverages in the EU increased by 43.3 per cent.

Interestingly, the same data also show that in the span of 17 years, the prices for clothing and footwear have decreased by 20.8 per cent in Cyprus while the EU average has gone up by 0.8 per cent.

On a different note, with 42.4 per cent, Cyprus also registered the biggest decrease in communication charges amongst EU countries. EU average in communications charges decreased by 21.7 per cent.

 

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