Households are feeling the pain of ever-rising costs as Cyprus’ annual inflation rate rose to 7.1 percent in March from 6.6 percent in the previous month marking the fastest increase in consumer prices since September 1992.
Main upward pressure came mostly from food and non-alcoholic beverages – specifically, 9.4 percent vs 8.0 percent in February, according to official statistics.
As well as from housing and utilities – 16.6 percent vs 13.3 percent – while inflationary pressures remained elevated in prices of transports – 14.0 percent vs 14.8 percent.
A similar situation – and even worse – is recorded in other EU countries since the rate of inflation in Cyprus is slightly lower than the average of “27”.
On a monthly basis, consumer prices advanced 1.8 percent in March – the highest monthly inflation rate in nearly three decades. And quickening from a 1.2 percent increase in the previous month.