NICOSIA: According to provisional Eurostat data, Cyprus' inflation climbed in April this year, reaching an all-time high of 8.6% as a result of the Russia-Ukraine conflict.
According to the data, inflation rose at a rapid pace in the first three months of this year, reaching 6.2 percent in March, 5.8 percent in February, and 4% in January, as per reports.
According to Eurostat, the increase in inflation was primarily due to increases in the prices of fuel and agricultural products, which have been notably affected by the Ukraine conflict.
It further said that official statistics on inflation in Cyprus will be released on May 5 by the Cyprus Statistical Service, CyStat, and will show a roughly 10% increase in the Consumer Price Index, which represents changes in the pricing of goods affecting mostly consumers. According to CyStat's latest monthly report, the Consumer Price Index climbed by 1.94 units in March 2022 to 107.78 units, up from 105.84 units in February 2022. The increase was 7.1 percent on a yearly basis, according to the report.
According to CyStat, the Consumer Price Index climbed by 6.4% during January to March 2022 compared to the same period the previous year.
The Cypriot government has rejected requests from consumer groups and trade unions to intervene to keep essential item prices low, claiming that they were previously justified by price increases in overseas markets. Finance Minister Constantinos Petrides expressed alarm about the hazards to the Cypriot economy posed by the effects of growing prices of vital items even before the provisional inflation data for April was released.
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