NewsLocalPresident on Friday chairs special meeting on measures to tackle rising inflation...

President on Friday chairs special meeting on measures to tackle rising inflation in Cyprus

President Anastasiades on Friday chairs a special ministerial meeting that will focus on possible additional measures to tackle rising inflationist pressures in Cyprus fueled by the Russia invasion of Ukraine.

Inflation in April rose to 8.8% from 7.13% in March, according to latest official statistics as a consumer price index increase of 10 per cent is expected to be announced in June.

The meeting is attended by the ministers of Finance, Labour and Energy as well as the Deputy Minister of Welfare.

Insiders said the government’s intention to renew existing measures against inflation is a given.

These include the reduction of VAT on electricity from 19% to 9% for household users, but also the reduction of excise duties on fuel.

Based on decisions taken by the Cabinet, both reductions are set to expire in June but their extension appear to be a certainty.

At the same time, new relief measures are expected to be proposed due to the growing number of requests these days both from organized groups of society and political forces.

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