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Significant Increase In Basic Consumer Goods Prices In Cyprus Over The Last Four Years

Over the last four years, Cyprus has experienced a notable rise in the prices of basic consumer goods, reflecting the impact of global economic challenges. The price increases, which affect essential items such as food, household products, and personal care items, have been driven by a combination of factors including global supply chain disruptions, escalating energy costs, and persistent inflationary pressures.

This trend has significantly impacted the cost of living in Cyprus, with households feeling the strain as everyday expenses continue to climb. The price increase is particularly concerning as it affects the most basic necessities, making it more difficult for consumers to manage their budgets and maintain their standard of living.

One of the main drivers behind these price hikes is the disruption in global supply chains, a problem that the COVID-19 pandemic and other international events have exacerbated. The pandemic led to shortages of raw materials and transportation delays, which increased production costs for manufacturers. These higher costs have been passed on to consumers in the form of higher prices for goods.

Additionally, the rising cost of energy has played a significant role in driving up prices. Energy is a critical input for many industries, including agriculture, manufacturing, and transportation. As energy prices have surged, so too have the costs of producing and distributing goods. This has particularly affected the prices of food and other essentials, which are heavily dependent on energy-intensive processes.

Inflationary pressures have also contributed to the rise in prices. Inflation has been a persistent issue globally, driven by factors such as increased demand for goods and services, supply chain constraints, and monetary policies aimed at stimulating economic recovery. In Cyprus, inflation has been particularly pronounced, leading to higher prices across a wide range of consumer goods.

The impact of these price increases is being felt most acutely by low- and middle-income households, who spend a larger proportion of their income on basic necessities. As prices continue to rise, these households are facing increasing financial pressure, with many struggling to afford the goods and services they need to maintain their standard of living.

In response to these challenges, there have been calls for government intervention to help mitigate the impact on consumers. Potential measures could include targeted subsidies for essential goods, increased support for low-income households, and efforts to stabilize energy prices. However, addressing the root causes of these price increases will require coordinated action at both the national and international levels.

UAE Job Trends For 2025: High-Demand And Lucrative Roles Revealed

The UAE’s flourishing asset management sector, bolstered by rising investor interest, regulatory advancements, and a surge in Family Offices and Ultra High Net Worth Individuals (UHNWIs), is driving demand for banking and finance talent.

Roles in fundraising and institutional sales are particularly sought after, with professionals in these fields highly valued for their regional networks and industry expertise, according to Michael Page’s UAE 2025 Salary Guides. The comprehensive report, which includes insights from 17 industries, offers an overview of current hiring trends, salary benchmarks, and the recruitment challenges businesses face.

Banking And Finance In High Demand

The report highlights a significant need for compliance professionals, especially those with experience in Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) regulations. Chief Compliance Officers and Money Laundering Reporting Officers (MLROs) are among the most lucrative roles in the sector. Jon Ede, Regional Director UAE at Michael Page, pointed out that in 2024, the UAE’s workforce grew by 9%, and the number of new companies increased by 14.5%, showing the success of the nation’s strategic initiatives.

Sales, Marketing, And IT Growth

The sales and marketing sector has seen steady growth, especially in B2B industries like technology, real estate, energy, and logistics. Roles such as Business Development Manager, Chief Commercial Officer, and Strategic Sales Director are in demand, with a premium placed on business development, key account management, and communication skills.

The IT sector, meanwhile, continues to evolve rapidly, with high demand for positions like Head of Software Development, Full-Stack Software Engineer, Agile Product Manager, Senior DevOps Engineer, and Digital Adoption Specialist. The report underscores the significant shift in the UAE talent market for digital professionals in recent years.

Navigating The Skills Shortage

The study also highlights the growing skills shortage, with businesses grappling to find candidates with the right expertise. A staggering 37% of business leaders reported challenges in finding skilled talent, while nearly a third (30%) struggled with employee retention. Nearly half (48%) of employers also cited aligning salary expectations with candidates as a key obstacle.

Ede suggests that businesses can overcome these challenges by offering competitive packages that include benefits, career development opportunities, and workplace incentives, positioning themselves as attractive employers in the competitive UAE job market.

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