In June 2024, Cyprus reported an inflation rate of 2.9%, according to the Cyprus Statistical Service (Cystat). For the first half of the year, the Consumer Price Index (CPI) increased by 2.1% compared to the same period in 2023.
Notable contributions to inflation were seen in food and non-alcoholic beverage prices, which rose by 2.91% year-on-year. Categories experiencing the largest price hikes included housing, water, electricity, gas, and other fuels, which surged by 5.9%, along with restaurants and hotels, up by 5.2%.
Retail trade figures for May 2024 indicated a robust year-on-year turnover increase of 4.5%, with retail volumes rising by 2.6%. Within this, the food retail sector, encompassing supermarkets, witnessed a substantial growth of 5.8% compared to May 2023.
For the period from January to May, the value index saw an increase of 5.3%, while the volume index rose by 4.2%.
On a year on year basis, meanwhile, specific food items reflected significant price variations. For instance, olive oil prices experienced a year-on-year increase of 63.09% in June 2024. Other notable increases included dried, salted, and smoked meat (up 5.09%), yogurt (3.75%), and fresh fruits (3.44%).
Conversely, some fresh vegetables saw a decrease, such as fresh vegetables (excluding potatoes), which dropped by 9.12%.
Concerns regarding the economic situation of consumers were echoed by the Cyprus Consumers’ Association, which highlighted the impact of rising prices on everyday goods and services, especially energy costs.
In March, the labour union Peo pointed out the dire circumstances facing many consumers, particularly regarding housing affordability. They noted that soaring rents, difficulties in securing loans, and skyrocketing real estate prices have made it increasingly challenging for low and middle-income groups, especially young couples, to find economically accessible and decent housing.
Here's an overview of the top five supermarket retail chains in Cyprus, according to their most recently-available full-year turnover. All data is supplied by Retail-Index (www.retail-index.com).
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1. Lidl
Turnover: €150 million (estimated, 2021)
Discounter Lidl operates 20 outlets in Cyprus. The retailer, which is part of Schwarz Group, reported an estimated turnover of €150 million in the country in 2021.
2. AlphaMega
Turnover: €127 million (2021)
AlphaMega is a Cypriot-owned supermarket chain that dates back to 1958. The company has 19 outlets across the island as of this year.
3. Papantoniou
Turnover: €110 million (2021, estimated)
Papantoniou is a Cypriot retail chain that operates nine outlets across the island, and was founded in 1987. The group reported an estimated turnover of €110 million in 2021.
4. Ermes
Turnover: €100 million (2021, estimated)
Ermes is a Cypriot department store chain that operates several brands and banners, including Armani Exchange, ERA Department Store, Ermes, Navy & Green, Next, OVS, Springfield, Women's Secret, and Zako (franchise). The company has 57 outlets across the island, and reported an estimated turnover of €100 million in 2021.
5. Metro
Turnover: €81 million (2021, estimated)
Unrelated to the German cash-and-carry group of the same name, Metro boasts six supermarkets across Cyprus, and had an estimated turnover of €81 million in 2021. The group was founded in 1982.
About Retail-Index
Retail-Index is a specialist supplier of management information on consumer retail markets, provided by Veraart Research Group in the Netherlands. Its mission is to supply managers with up-to-date key information on retail markets in Europe and support them in their international expansion.
The company dates back to 1964, when it started as a market research and marketing consulting company for consumer products and services. In 1989, it started publishing written reports on various retail sectors in Europe. As of 2005, it publishes its information on retailers through the online database and curated datasheet exports available on www.retail-index.com. A team of researchers manages the data to reflect upon current developments in the markets, collected from an extensive number of sources.
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