More price shocks after Easter

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According to retailers, consumers can expect more nasty price shocks as the cost of essential goods and petrol will continue to soar.

Prices of essential goods, already on the rise due to hiking raw materials, will be further inflated due to the war in Ukraine, with more increases looming after the Easter holidays.

In comments to news site Stockwatch, the president of the butchers’ association, Costas Livadiotis, said the consequences of the war in Ukraine will be further felt after Easter, with meat prices going through the roof because the import of grain will cost over twice as much as last year.

He noted that the price of pork and beef has already increased by 10%, while the price of chicken has increased 25% in the last week.

Livadiotis said the price of imported meat is even higher.

The price of Greek lamb was €5.50 per kilo a month ago, rising to €6.30 last week rose, and this week it is sold at €7.5 per kilo.

“Information from Greece says that lamb is being sold at €9.50 a kilo.”

Constantinos Mitsides, the CEO of Mitsides, the island’s leading pasta and flour producers, warned consumers that an increase of 10% on pasta is around the corner.

He said that producers are concerned that Cyprus could run out of grain stocks.

“We are in contact with the Ministry of Agriculture from which we asked they take measures to ensure that Cyprus has strategic stocks of grain.

“We urge them to buy stocks, which we as producers can store on our premises, as was the case with animal feed, to avoid shortages,” said Mitsides.

The acting director of the Commerce Ministry’s consumers protection service, Antonis Ioannou, said that “the price of fuel is on the rise in Cyprus, despite the reduction of crude oil internationally. The expected decrease has yet to be implemented”.

Ioannou said the price of 95 Octane petrol remained at the same levels last week, while the price of Diesel notched up.

The average price of 95 Octane petrol across the island was €1.461, while Diesel was sold at an average of €1.719.