The cost of living in Cyprus has risen by over €700 within the past five months, according to latest data provided by expatistan.com
And this is basically due to the coronavirus pandemic and Russia’s recent invasion in Ukraine which has prompted an alarming rise in the price of oil, grains and products of primary needs.
This is why the Ministry of Finance had to revise forecasts for inflation in 2022, raising it to 4% compared to 1.5% which was the initial estimate.
Consumers who have begun noticing more and more the price increases are calling on the government to take all possible measures.
Specifically, the average monthly cost of a family of four reached € 3,964 in mid-March compared to € 3,241 at the end of October 2021.
In other words, within a few months the monthly expenses of a family of four increased by €723.
Moreover, the cost of living per person in Cyprus now rose to €2,192 compared to € 1,461 in October.
Essentially, expenses for one person increased by €731 within five months.