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Inflation Declines To 1.5% In First Half Of 2024

by THEFUTURE.TEAM

July 10, 2024

Inflation in Cyprus has decreased significantly to 1.5% during the first half of 2024, marking a notable reduction from previous years. This decline is largely attributed to stabilised energy prices and effective monetary policies. The Central Bank of Cyprus reported that the deceleration in inflation was driven by a combination of reduced global energy prices and a stronger euro, which helped mitigate import costs.

Energy Prices and Economic Stability

The stabilisation of energy prices played a crucial role in the overall reduction of inflation. In previous years, fluctuations in energy prices significantly impacted the cost of living and production expenses. The recent steadiness in global energy markets has provided a respite, allowing for more predictable economic planning and reduced pressure on household budgets.

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Core Inflation and Food Prices

Despite the overall reduction, core inflation—excluding volatile items like food and energy—remains a concern. Persistent price increases in food and services continue to exert upward pressure. The Central Bank has noted that food prices have been particularly resistant to decline, influenced by factors such as supply chain disruptions and increased production costs.

Monetary Policies and Economic Measures

Effective monetary policies implemented by the Central Bank of Cyprus have also contributed to the reduction in inflation. Interest rate adjustments and other monetary tools have been employed to control inflationary pressures while supporting economic growth. These measures have helped maintain a balance between curbing inflation and fostering a conducive environment for investment and consumption.

Economic Outlook

The Central Bank remains vigilant in monitoring inflation trends, aiming to sustain economic stability and growth. While the decline in inflation is a positive development, the ongoing challenges in managing core inflation and food prices require continuous attention. The economic outlook for Cyprus remains cautiously optimistic, with the expectation that stabilised inflation will support broader economic recovery and growth.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.