NewsLocalTargeted economic measures to mitigate Ukraine war's effects seem inadequate

Targeted economic measures to mitigate Ukraine war’s effects seem inadequate

Recent economic, financial and budgetary decisions taken by Cyprus and other EU countries following Russia’s attack on Ukraine in February aim to mitigate any adverse economic, financial and social effects.

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

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

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

However, opposition parties were quick to brans 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.

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