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March Sees Cyprus Inflation Drop To 1.6% Amid Mixed Trends In Consumer Prices

by News Editor
In the latest economic update, Cyprus continues to see a decrease in inflation, with March 2025 marking a rate of 1.6%, a decline from February’s 1.9%. This trend has persisted since December 2024, according to recent data released by the government.

Fluctuations In Consumer Goods

The data, compiled by the Consumer Protection Service, offers a detailed view of 250 basic consumer products. These were tracked across 400 retail locations island-wide throughout March. Notably, 23 categories saw price increases, whereas 21 experienced decreases. Milk prices remained steady from February, while significant hikes were seen in Cypriot coffee prices, which soared by 8.7% month-on-month and are up 24.6% compared to last year.

Rising And Falling Prices

Other increases included frozen hamburgers (6.5%), baby foods (4.1%), and bottled water (4.1%). Meanwhile, various items like vegetables saw a steep price drop of 23%, fresh fish decreased by 11.3%, and vegetable cooking oil by 6.6%. The price reductions extended to legumes, tampons, and fabric softeners.

Underlying Causes And Sector Insights

The decline in the inflation rate is largely due to a drop in clothing and footwear prices, counterbalanced by hikes in restaurant and hotel charges, alongside rising costs for foodstuffs and non-alcoholic beverages. The Consumer Protection Service highlights this data solely as a guideline for consumers, stressing the importance of personal diligence when shopping.

Evel Elects New President As Maria Theocharous Takes Over For 2026–2029 Term

by THEFUTURE.TEAM

Maria Theocharous has been elected president of the Limassol Chamber of Commerce and Industry (Evel), taking over from Yiannis Tsouloftas for a three-year term covering 2026–2029. Theocharous previously served as the chamber’s vice-president for tourism.

The leadership transition marks a new chapter for one of Cyprus’ main regional business organisations, with the new board set to represent the district’s key economic sectors.

New Leadership Emphasises Cooperation

The chamber’s annual meeting brought together government, business and local authority representatives, including Energy, Commerce and Industry Minister Michael Damianos, Cyprus Chamber of Commerce and Industry (Keve) president Stavros Stavrou, Limassol district local government organisation president Yiannis Tsouloftas and Limassol mayor Yiannis Armeftis.

Speakers highlighted the importance of closer cooperation between public authorities and businesses in supporting Limassol’s economic development.

Representatives of the Cyprus Shipping Chamber (CSC) also congratulated Theocharous on her election and thanked the outgoing president for his cooperation. The CSC described Evel as a longstanding partner, noting the chamber’s contribution to Limassol’s business development over more than six decades.

Tsouloftas Reviews Six Years As President

In his final address, Tsouloftas reviewed the chamber’s work between 2020 and 2026, highlighting its advocacy for major infrastructure projects and efforts to address development challenges across the district.

He also outlined initiatives to remove obstacles facing local businesses, accelerate development plans and improve the conditions for economic activity.

Tsouloftas will remain involved as immediate past president, providing continuity during the transition.

New Board Covers Key Business Sectors

The new board includes representatives responsible for the chamber’s main portfolios:

  • Ilikos Charalambous, vice-president for commerce
  • Vasos Demetriades, vice-president for industry
  • Christos Nicolaou, vice-president for services
  • Nicolas Agiomamitis, vice-president for tourism
  • Ilias Theodorou, vice-president for finance
  • Demosthenes Mavrellis, vice-president for innovation and technology
  • Ilias Neocleous, honorary secretary

Other board members are Minos Agathocleous, Marios Antoniou, George Demetriou, Anastasios Kounoudis, Marios Constantinou, Xanthos Nemptsas, Antonis Pappas, Charalambos Pattichis, Chrysis Petousis, Farah Shammas, Andreas Tsouloftas and Kyriacos Hadjiathanasiou.

Costas Ioannides, Agathi Katsi, Anna Petraki, Filippos Filis and Tonis Hadjiloucas have been appointed members by distinction. The chamber also highlighted the growing participation of women in business leadership and decision-making.

Chamber Recognises Longstanding Contributions

The annual meeting also recognised businesses and individuals for their contributions, including members who have maintained continuous membership for 50 years.

Tributes were paid to three former contributors to the chamber, Tonis Antoniou, Dimi Mavropoulos and Andreas Laou, in recognition of their service.

Under Theocharous’ leadership, Evel begins its 2026–2029 term with a board covering commerce, industry, services, tourism, finance and innovation. Its priorities include continuing to represent Limassol businesses and advocating for the investment and cooperation needed to support the district’s economic growth.

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