Cyprus Sees Rise In Inflation Due To Crisis In Ukraine

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Cyprus Inflation Continued To Rise In April This Year, Peaking At 8.6 Percent Due To The War Between Russia And Ukraine, According To Preliminary Eurostat Data. 

The Rise In Inflation  In The First Few Months Of This Year Was Also High, Reaching 6.2 Percent In March,  February And 4 Percent In January, Xinhua News Agency Reported, Citing The Data.

Eurostat Said  The Increase In Inflation Was Mainly Due To Higher Prices For Fuel And Agricultural Products, Which Were Particularly Affected By The Crisis In Ukraine. He Added That Official Data On  Inflation In Cyprus Is Expected To Be Released On May 5 By Cyprus's Statistical Institute, Cystat, And Would Show An Almost 10 Percent Rise In The Consumer Price Index, Reflecting Changes In Commodity Prices, 

Hich Mostly Affect Consumers. Cystat In Its Previous Monthly Report Stated That The Consumer Price Index Increased By 1.94 Units In March 2022 To Reach 107.78 Units Compared To 105.84 Units In February 2022. The Annual Increase Is 7.1 Percent. For The Period From January To March 2022, The Consumer Price Index Rose By 6.4 Percent Compared To The Corresponding Period Last Year, 


Cystat Said.The Cypriot Government Has Dismissed Proposals, Mainly From Consumer Associations And  Unions, To Intervene  To Keep Prices Down On Essential Items, Saying  They Have So Far Been Justified By Rising Prices In International Markets Ahead Of The Release Of Preliminary Inflation Data For April, It Said Finance Minister Constantinos Petrides Said He Was Concerned About The Dangers To The Cypriot Economy As A Result Of The Impact Of Rising Prices For Essential Goods. , Resulting In High Inflation Amid A Downturn In The Economy. The International Monetary Fund Said Last Week That Cyprus' Gross Domestic Product (Gdp) Growth Would Slow To About 2 Percent In 2022, 


Compared With Growth Of 5.5 Percent In 2021, Mainly Reflecting  The Impact Of The Russia-ukraine And Ukraine Conflict  The Impact Of The Uprising Reflected Energy And Food Prices.Cystat Said Last Week That Cyprus's Gdp For 2021 Is Estimated At 23.437 Billion Euros, Which Translates To Growth Of 8.4 Percent At Current Market Prices.

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