Cyprus experienced a notable surge in consumer prices in March 2024, with olive oil prices skyrocketing by 61.7 per cent, when compared to March 2023, according to a comparison table of consumer price changes compiled by the Cyprus Consumers Association.

The data, sourced from the Consumer Price Index report released by the Cyprus Statistical Service (Cystat) this week, highlighted the significant annual increase in various sectors.

Among the highest increases recorded in March 2024 were for painting services, up by 14.9 per cent, followed by fresh fruit with a 14.5 per cent rise, and potatoes by 12.4 per cent.

In addition, the prices for drainage services rose by 11.5 per cent, road passenger transport by 11.5 per cent, fruit by 11.2 per cent, lamb and goat meat by 10.9 per cent, as well as soft drinks, which rose by 9.1 per cent.

Conversely, the largest decreases in March 2024 compared to March 2023 were observed in other edible oils, down by 18.9 per cent, sugar by 17.6 per cent, and garden furniture by 11.8 per cent.

Additionally, prices for footwear for infants and children fell by 10.8 per cent, followed by natural gas and electricity with a 10.7 per cent drop, gas by 10.2 per cent, bottled gas by 9.8 per cent, and personal computers by 9.5 per cent.