President Nicos Anastasiades stating the cost-of-living adjustment (CoLA) covers lost income from high inflation has triggered a reaction from unions calling on the government to fully reinstate the mechanism. Trade unions demanded
Stoked by rising energy costs, the Harmonized Index of Consumer Prices increased by 8.6% in April, from last year, according to data published by the Statistical Service. When compared to the index
Cyprus’ GDP growth will slow considerably as the war in Ukraine pushes inflation to unprecedented heights, according to the European Commission. In its Spring forecasts on Monday, the European Commission revised its
The ratings of Cyprus’ two largest banks remain on Positive Outlook despite increased risks to the global economy due to the war in Ukraine, Fitch Ratings says. Fitch expects Hellenic Bank (B/Positive)
The introduction of a national minimum wage will make lives better for 9% of the island’s workforce, as it will function as a shield for employees against exploitation, said Labour Minister Zeta
Cyprus is witnessing its highest inflation rate, at nearly 9%, in the past four decades, while consumer associations fear that the worse is yet to come. The news comes as the European
The University of Cyprus downgraded its projection for economic GDP growth this year to 2.6% due to the Russian invasion of Ukraine, warning of potential deterioration in asset quality in the banking
The government will support low-income groups hit by the highest inflation rate for decades, said Finance Minister Constantinos Petrides. Cyprus’ inflation in April spiked 8.6% in the Harmonized Consumer Price Index compared
European economies like Cyprus are facing the “twin problem” of rising commodity and energy prices and heightened uncertainty following the invasion of Russia in Ukraine, experts argued. “The war really threatens the
Economic growth in Cyprus will slow to 2.1% in 2022, with inflation spiking at 5.3% due to the impact of the Russian invasion of Ukraine and western sanctions against Russia, the IMF
