- Consumer Protection Service of Cyprus monitoring impact of zero VAT on prices at stores
- 72% of products have maintained their prices since zero VAT rate started in May
- Zero VAT rate acts as a discount on items like milk, bread, vegetables, sugar, coffee, and baby diapers
- Price differences for household items in Nicosia ranged from 225.06 to 243.24 euros
- Zero VAT discount can save around €7.23 to €7.76 on a total purchase of €95
- Prices of clothes and shoes dropped 13% in January 2024, balancing out a small increase in food and drink prices
- Cost of food in Cyprus increased by 2.81% compared to January 2023 due to more expensive agricultural products
Source: ekathimerini.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
