May inflation drops to two-year low

Annual inflation in Cyprus dropped to 3.01% in May, continuing its downward trajectory for a seventh consecutive month, mainly driven by the reduction of fuel prices. Price inflation in May marked the


Zero VAT on essential items

The government will remove VAT on some foodstuffs to relieve households from inflationary pressures and a hike in interest rates, announced Finance Minister Makis Keravnos. Despite March seeing the lowest inflation rate


Electricity prices rise above EU average

In the second half of 2022, average household electricity prices in Cyprus rose sharper than the EU average, from €23 per 100 kWh to €32.6 per 100 kWh, while Europe went from €23.5

Businesses unhappy with e-basket

Businesses say implementing a new digital platform for monitoring retail product prices, known as the e-basket, constitutes state intervention in the free market. The Council of Ministers gave a bill the green

Oil prices volatile to output decisions

Global energy markets continue to be volatile, with major producers saying their cartel decisions to cut production and hike prices were justified. Saudi Arabia will keep supplying at least several refiners in


Annual March inflation drops to 6.1%

The annual inflation rate in Cyprus was 6.1% in March, down from 6.7% in February, according to data published by Eurostat. The Harmonized Index of Consumer Prices (HICP) rose by 6.1% since


March inflation lowest in 13 months

Despite inflationary pressures receding, March saw the lowest inflation rate for 13 months, but households continue to feel the cost-of-living pinch as they spend more on food. According to the Cyprus Statistical

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