Cyprus Business Now

Rising fuel costs, electricity, fruit and vegetables have caused inflation to go up by 6.6 per cent in February, according to data published on Thursday by the Cyprus Statistical Service (Cystat).

In February 2022, the Consumer Price Index increased by 1.27 units and reached 105.84 units compared to 104.57 units in January 2022.

For the period between January and February 2022, the index rose by 6 per cent year-on-year.

Regarding each segment of the economy, the largest annual changes were recorded in petroleum products (28.4 per cent), electricity (22.4 per cent) and agricultural goods (17.5 per cent).

In comparison to the index of the previous month, the largest change was observed in agricultural goods (9.6 per cent).

Compared to February 2021, the largest changes were seen in the categories of transportation (14.8 per cent), as well as housing, water, electricity, gas and other fuels (13.3 per cent).

In comparison to the CPI of the previous month, the largest change was observed in food and non-alcoholic beverages (4.7 per cent).

For the period between January and February 2022, the largest annual changes were recorded in transportation (14.1 per cent), as well as housing, water, electricity, gas and other fuels (13.7 per cent).

The cabinet of ministers announced on Thursday that it has approved a proposal by the Ministry of Energy, Commerce and Industry involving three separate schemes seeking to help Cypriot businesses who wish to participate in expos taking place both in Cyprus and abroad.

The schemes apply to businesses who want to participate either virtually or through their physical presence in such events.

The sponsorship schemes contribute to the achievement of the strategic goal of the new commercial policy 2021-2030 of the Ministry of Energy, Commerce and Industry to strengthen the extroversion of companies and increase their exports,” the ministry said in a statement.

The Cyprus Stock Exchange (CSE) ended Thursday, March 3 with profits.

The main Cyprus Stock Market Index was at 66.17 points at 12:45 during the day, reflecting a rise of 0.85 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 39.70 points, which represents a decrease of 0.89 per cent.

The total value of transactions came up to €59,386.

In terms of the sub-indexes, the main index rose by 1.52 per cent, while the alternative index fell by 0.13 per cent.

The investment firm index increased by 2.51 per cent, while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+1.43 per cent), Hellenic Bank (+1.69 per cent), Atlantic Insurance (+0.56 per cent), Pandora Investment (-7.86 per cent), and the Cyprus Cement Company (+0.98 per cent).