Dual display of prices extended in Cyprus

The plenary of the House of Representatives adopted a law proposal for the extension, until the end of December 2008, of the compulsory dual display (in Cyprus pounds and euro) of goods and services prices.
The proposal, submitted by Marinos Sizopoulos, member of the Cyprus Movement of Social Democrats EDEK, was adopted by 21 votes in favour and 20 votes against.
“The extension of the compulsory dual display of prices is necessary for the better understanding of the market and the cost of the goods and services, despite the fact that consumers have significantly adjusted to the euro”, Sizopoulos said.
In his initial proposal, Sizopoulos had said that mainly the elderly people are unable to fully understand the real value of products.
“The abolition of the dual display of prices, at this time, when inflation pressures are high, will lead to unjustified prices increase and will exacerbate inflation”, Sizopoulos pointed out.
Cyprus adopted the euro in January this year.
The Chamber of Commerce & Industry (KEVE) opposed the measure, describing it as unnecessary and an added burden on retailers and business establishments that have already prepared their price lists.