Pricing

Skrekas announces price cuts on 233 supermarket products

Development Minister Kostas Skrekas announced on Wednesday a list of 233 products that have so far been included in the permanent price reduction measure, which aims for more affordable grocery pricing. The price cuts starting from 5% and reaching up to 23% will be implemented for six months.

Serbia Freezes the Price of Gas

The price of gas for consumers in Serbia will be frozen until May 2024 at the level that will apply from November 1 this year, the Belgrade newspaper "Danas" reports today.

In case of sudden changes in the market, the government will cover the difference for manufacturers and importers from the national budget.

Turkish olive oil producers face challenges amid export ban

Olive oil producers in Türkiye are facing multiple challenges, including the risk of losing their markets amid turmoil in the global olive market and a ban on exports.

The price of olive oil has been on the rise globally, skyrocketing more than 100 percent, due to drought in European countries and a ban the Turkish government introduced on exports in August.

Food prices soar in Cyprus

In July, the Prices Observatory conducted by Cyprus' Consumer Protection Service (CPS) recorded increased prices for 32 out of 45 categories of staple foods.

There were price deductions for 13 staple food categories. However, there was an overall price hike of 1.21% compared to the previous month. This was attributed to increased prices of fresh and processed agricultural products.

Olive oil adds to inflation concerns

Compounding worries that prices of grains and fuels will help drive inflation higher are indications that olive oil, especially, but also sunflower oil will become far more expensive.

EU olive oil production this year is expected to be 40% lower than last year, and Turkey's decision to block exports until the November harvest will further depress supply.

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