The first effects of reducing VAT: Foodstuff sales up by 17 pc

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The cut of VAT on foodstuff starting June 1 resulted in an average decrease in prices of 11% and a 17% increase in the number of products sold, according to a survey conducted by research company Nielsen.
“Prices have fallen by an average of -11% in the monitored categories, the retailers together with manufacturers kept their promise to the consumers. The results were immediate, the most dynamic product categories are those that have cut the price most. For coffee, for example, a price reduction on average 15% of the products led to an increase in volumes by approximately 25% as compared to the same period last year (June 1-14). Other very dynamic categories were meat, cheese, soft drinks and snacks,” says the company in a statement, according to Mediafax.
The number of products sold during June 1-14 is by 12% higher than in May and by 17% compared to June 2014.
The Nielsen survey is the first analysis conducted on the effects of the decision to cut the VAT for foodstuff.

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