In the era of continuous socio-economic turbulences, consumers need to feel protected against today’s challenges emerging from local and international markets and economic pressures varying from the dramatic price increases on basic consumer products to the generalised economic slowdown.
As it is imperative that consumer trust in the competent authorities of Cyprus is supported by the use of effective tools to improve the performance of the market and consequently the quality of life, the Cyprus Competition and Consumer Protection Service of the Ministry of Commerce, Industry and Tourism initiated the Price Level Monitoring Project (hereinafter PLMP) in 2007. The major objectives of the project are to increase consumer awareness of price levels via the monitoring/ publishing of the retail prices of basic products offered to consumers, assisting them to make better purchasing choices and to safeguard conditions of healthy/efficient competition between retailers through price transparency.
The project aims to inform consumers about prices of basic consumer products on a weekly basis, thus increasing their awareness of price levels, while safeguarding conditions of healthy competition through price transparency. This action is in line with the European Union Strategy on Consumer Policy 2007-2013 and with the First Consumer Market Scoreboard of the European Commission, which considers price level monitoring as one of the top five level indicators used to screen the European Internal Market.
The PLMP was launched in September 2007 and now covers 530 basic consumer products, of which the majority are food products that are monitored on a weekly basis on unexpected dates and times. The project includes 27 representative retail supermarkets in the five districts of Cyprus’s government controlled areas, covering ca. 80-85% of the small Cypriot retail market. Data collection is conducted directly from the shelves of large supermarkets by inspectors of the Cyprus Competition and Consumer Protection Service. In-depth analyses and assessments are carried out to provide consumers with the collected data in the form of relevant information, including comparable data in terms of indexes and in a tabular form. The results of each observatory of prices are uploaded to the official web site of the Ministry of Commerce, Industry and Tourism (www.mcit.gov.cy) and part of this data is also published in the national press.
|Award category:||public service delivery|
|Sector:||Economic affairs, competition, SME|
|Type of activity:|
|Keywords:||Price level monitoring, consumer interests|
|Short English description:||The project aims to inform consumers about prices of basic consumer products|
|Organisation:||Cyprus Competition and Consumer Protection Service,Ministry of Commerce, Industry and Tourism|
|Other applicants:||Cyprus Competition and Consumer Protection Service (Ministry of Commerce, Industry and Tourism)|
|Level of government:||national level|
|Size of organisation:||>100|
|Number of people involved:|
|EU membership:||EU member|