Cyprus app to compare prices
Following the withdrawal of the Household Basket proposal in Cyprus, the Consumer Protection Agency is now promoting the preparation of a bill for the provision of a digital tool that will allow for the daily comparison of products’ retail prices.
Consumers will be able to select the products on their list, compare prices for each product per retail outlet, and determine how much the basket will cost in total per retail outlet. The cellphone app will update the selections and notify consumers of the cheapest supermarket based on the products added to their basket.
Constantinos Karageorgis, the head of the agency, stated before the commission that this tool promotes price transparency. A draft of the bill has already been prepared and will be sent to the Legal Service before being presented to Parliament for discussion, submission of opinions, and voting.
At a meeting of the House Commerce Committee before the new minister of energy, commerce and industry, George Papanastasiou, MPs requested that the bill be tabled within a month, with the minister responding positively. In any case, even if the bill is passed, the application is not expected to be implemented anytime soon.
