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Food, beverage business owners may increase prices by 25% due to rising costs

Food and beverage business owners are in the process of revising their prices now that energy and raw material imported to Cyprus are getting more and more expensive.

This is what head of the Pancyprian Restaurants and Entertainments Owners Association (PASIKA) Fanos Leventis told Philenews warning that price hikes could reach 25%.

Leventis also said that despite efforts by business owners not to increase prices, the costs are still so high that many are not able to absorb them.

“If we consider that only energy, electricity and LPG have an increase of up to 40%, you realize that energy alone would justify any increase of an entrepreneur,” he added.

Cyprus is the only Member State still isolated from all EU energy networks, with 0% electricity interconnection, condemning it to energy isolation.

As a result, electricity prices in Cyprus are constantly rising, leaving much of the population mired in energy poverty.

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