After substantial increases in 2022, food prices in the EU continued to rise also in 2023, according to data released by Eurostat, the statistical service of the European Union. The prices of some items registered a slower increase during the second and third quarters of this year, while olive oil prices continued to increase steadily. The data shows similar trends for Cyprus, though the increase in olive oil prices seems to be slowing down.

Eurostat presents EU prices in comparison with January 2021, but does not do so on the member state level, meaning that country-level data is not directly comparable.

However, data comparing prices to their 2015 levels show similar trends for Cyprus as for the rest of the EU. More specifically in Cyprus, there is a small drop in prices for eggs, and a slow down in the increase of the prices for butter, olive oil and potatoes.

In the EU, prices of eggs, butter and potatoes were higher September 2023 than in January 2021 and 2022 but were not as high as some months prior, while the prices of olive oil have been consistently increasing.

In September 2023, the price of olive oil was 75% higher than in January 2021. In January 2022, prices were already 11% higher than the same month of the year before, and between September 2022 and September 2023, prices registered a sharp increase.

Potato prices were also on a staggering rise. Since January 2021, prices for potatoes increased by 53% in September 2023, following a peak in June 2023 (+60%).

As for the prices of eggs, in September 2023, they were by 37% higher than in January 2021. Egg prices stabilised in the first 2 quarters of 2023 and showed some decrease in August and September this year.

Butter prices evolved in a similar manner. Prices for butter peaked in December 2022 (+44% compared with January 2021) and then slowly started to decline. In September, butter was 27% more expensive than in January 2021.