Prices have rocketed on both sides of Cyprus. While no measures have been taken against the increasing prices in North Cyprus for the past year, South Cyprus has eradicated the VAT applied to basic goods to combat the high prices.
According to the Consumer Price Index prepared by the North Cyprus Statistical Institute, the cost of living has increased by 5.30 % in comparison with March, 15.46% in comparison with December 2022 and 67.34 % in contrast to April last year (2022).
According to Yenidüzen, the data shared by the Statistical Institute revealed that out of 526 items, the average prices of 493 items had increased, while the average prices of 87 items decreased compared to March.
ONIONS WERE DUBBED THE MOST EXPENSIVE GOODS OF THE YEAR
According to the data, tomatoes topped the highest price with an increase of 76.70% compared with March prices.
The highest price increase annually since April 2022 was onions with 259.84 %.
Yenidüzen cites the Chairman of the Cyprus Turkish Farmers Union Mehmet Nizam as saying that the ‘goods with highest price increase’ was onions and tomatoes and that the main problem was deficiencies in the system of incentives and the wholesalers.
SOUTH CYPRUS REMOVES VAT ON BASIC GOODS
Meanwhile, the zero Value Added Tax (VAT) law by the Council of Ministers in (South Cyprus) was implemented last Friday on basic goods such as bread, milk, eggs, baby food, baby nappies, female hygiene products, and adult diapers.
Spokesperson of the Government (Greek Cypriot) Konstantinos Letymbiotis announced that the Council of Ministers took this decision to combat high prices, especially at a time when the island was facing high inflation.
The implementation will be valid until 31 October 2023.