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Rising Costs in Cyprus: Food Inflation Soars to 25.7% Amid Persistent Price Hikes

by THEFUTURE.TEAM

September 30, 2024

Cyprus is grappling with an unrelenting wave of inflation that continues to squeeze household budgets and challenge businesses. The latest data from the Cyprus Statistical Service reveals a 19.2% overall rise in prices, with food prices showing an even more alarming increase of 25.7%. This spike in food costs underscores the severity of the economic pressures impacting consumers and companies alike.

The root causes of this inflationary surge are multifaceted. Global factors, including the lingering effects of the pandemic, disruptions in supply chains, and the geopolitical crisis in Ukraine, have contributed significantly to the escalating prices. Energy costs, transportation challenges, and rising production expenses have compounded the situation, leaving Cypriot consumers facing the steepest increase in food prices seen in years.

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Inflation’s ripple effects are felt most acutely in essential commodities. Basic food items such as bread, dairy products, and vegetables have become notably more expensive, straining the budgets of lower- and middle-income households. Many families have resorted to adjusting their spending habits, cutting back on non-essentials, and seeking lower-priced alternatives in an effort to cope with the price hikes.

From a business perspective, rising costs have created a challenging environment. Retailers and food producers are grappling with the delicate balance of managing increased overheads while trying to avoid passing too much of the burden onto consumers. As prices surge, businesses are faced with a potential decline in consumer spending, leading to lower profit margins and a potential shift in the competitive landscape. For some companies, these conditions could prompt innovation, particularly in finding more efficient methods of production or sourcing materials, but the road ahead remains uncertain.

The Cypriot government has taken some measures to mitigate the impact, including fuel subsidies and tax relief efforts, but these have so far proven insufficient in stemming the tide of rising costs. Calls for more robust interventions, such as targeted subsidies for essential goods or a reduction in VAT rates on food items, have gained traction in public discourse. However, with inflation largely driven by external global forces, the government’s ability to control the situation remains limited.

As inflationary pressures persist, both businesses and consumers will need to navigate an evolving economic landscape. For Cyprus, addressing these challenges may involve a combination of government action, industry innovation, and a recalibration of consumer behaviour. Ultimately, the capacity of both businesses and households to adapt will be key to weathering this period of heightened economic uncertainty.

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EU Moderates Emissions While Sustaining Economic Momentum

by THEFUTURE.TEAM

November 15, 2025

The European Union witnessed a modest decline in greenhouse gas emissions in the second quarter of 2025, as reported by Eurostat. Emissions across the EU registered at 772 million tonnes of CO₂-equivalents, marking a 0.4 percent reduction from 775 million tonnes in the same period of 2024. Concurrently, the EU’s gross domestic product rose by 1.3 percent, reinforcing the ongoing decoupling between economic growth and environmental impact.

Sector-By-Sector Performance

Within the broader statistics on emissions by economic activity, the energy sector—specifically electricity, gas, steam, and air conditioning supply—experienced the most significant drop, declining by 2.9 percent. In comparison, the manufacturing sector and transportation and storage both achieved a 0.4 percent reduction. However, household emissions bucked the trend, increasing by 1.0 percent over the same period.

National Highlights And Notable Exceptions

Among EU member states, 12 reported a reduction in emissions, while 14 saw increases, and Estonia’s figures remained static. Notably, Slovenia, the Netherlands, and Finland recorded the most pronounced declines at 8.6 percent, 5.9 percent, and 4.2 percent respectively. Of the 12 countries reducing emissions, three—Finland, Germany, and Luxembourg—also experienced a contraction in GDP growth.

Dual Achievement: Environmental And Economic Goals

In an encouraging development, nine member states, including Cyprus, managed to lower their emissions while maintaining economic expansion. This dual achievement—reducing environmental impact while fostering economic activity—is a trend that has increasingly influenced EU climate policies. Other nations that successfully balanced these outcomes include Austria, Denmark, France, Italy, the Netherlands, Romania, Slovenia, and Sweden.

Conclusion

As the EU continues to navigate its climate commitments, these quarterly insights underscore a gradual yet significant shift toward balancing emissions reductions with robust economic growth. The evolving landscape highlights the critical need for sustainable strategies that not only mitigate environmental risks but also invigorate economic resilience.