Cyprus' inflation eases, but still high

World Materials 8 January 2023 07:07 (UTC +04:00)

Cyprus' inflation rate is tapering off, but it still stands at a high level, Marios Drousiotis, president of the Cyprus Consumers Association, said on Saturday, Trend reports citing Xinhua.

The inflation is continuing a downward path since it peaked at 10.9 percent in July 2022, Drousiotis told CyBC radio.

The annual inflation in Cyprus eased to 7.9 percent in December 2022, according to the preliminary data released by the Cyprus Statistical Service on Thursday. However, the inflation for the whole year of 2022 recorded an increase of 8.4 percent, compared to the previous year.

Trade unions in the public and private sectors have threatened to hold strike actions should employers fail to agree to the restitution in full of a cost of living allowance system, officials from trade unions told CyBC radio.