Government failed to curb on rising prices in Cyprus

Consumers all across Europe and Cyprus are feeling the burden of rising prices on electricity, gas, fuel and almost all commodities on supermarket shelves since mid-2021.

No one can predict with certainty what the future holds in store for consumers and when unbearable rising costs will come to a halt, according to local news paper Philenews reports.

Cyprus last week announced new targeted measures totaling €103 million in a bid to help vulnerable families deal with rising inflation. The previous set of relief measures amounted to €193 million.

However, opposition parties were quick to brand them as inadequate to really support citizens and shield the economy from expensiveness and inflation.

They went as far as to accuse the government of being unable to ‘face the problem at its root.”

This, they noted, would involve measures for restoring the purchasing power of wages and measures for eliminating incidents of profiteering.

As well as measures that would contribute effectively to dealing with rising prices of energy, fuel and necessities.

The rising prices of electricity and fuel maintain an unprecedented wave of expensiveness, with the prices of main products skyrocketing every month, emptying the wallets of consumers and especially the lower level of worker whose income is less then €1000 and at the same time the cost of living is rising in whole island and is double in Limassol other then compare to any other city.

Inflation in May 2022 jumped to 9.1% (the highest since the beginning of 1980) from 8.8% in April and 7.13% in March.

The biggest price changes were in electricity (+40.9%), petroleum (+37%), and agricultural products (+10.9%).

Furthermore, the Euro area annual inflation that was announced on Tuesday was 8.8% in May 2022, up from 7.4% in April according to Eurostat, the statistical office of the European Union.

It is crystal-clear that low and medium salaries cannot last the increases of prices of meat, bread and other main products that a family needs, endangering a decent way of life. People getting 1,000 euros as salary or pension, in fact receive 910 euros if we deduct inflation, and with prices skyrocketing it is very difficult to make ends meet.

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