The prices for oils and fats increased by 27% in March 2023 compared to March 2022 in Cyprus (while increasing by 23% in the EU average), according to data released by Eurostat, the statistical service of the EU. After the substantial increases over 2022, food prices continued to rise in the first quarter of 2023, with oils and fats among the products with high price increases. The peak in the annual rate of change in the EU occurred in December 2022 (+32% compared with December 2021), indicating a 9 percentage points (pp) decrease over the first three months of 2023. This suggests that the rate of inflation for oils and fats is starting to slow down. The peak in the annual rate of change in Cyprus occurred in January 2023 (33%), indicating a 6 pp decrease since the start of the year. For comparison: the increase in prices for oils and fats recorded between March 2021 and March 2022 was 8% in Cyprus and 18% in the EU, and between March 2020 and March 2021 it was 4% in Cyprus and 1% in the EU. In March 2023, almost all the EU countries reported an increase in annual inflation for oils and fats. The highest increase in annual inflation for oils and fats was recorded in Hungary (+33% compared with March 2022), followed by Denmark (+32%) and Belgium (+31%). In contrast, the smallest price increases were recorded in Croatia (+6%), Austria (+12%) and Czechia (+16%), with Bulgaria being the only country to report a decrease (-1%).
Source: Cyprus News Agency