Palace meeting on prices fails to introduce measures (Updated)

In the coming weeks, the government is poised to make its final decisions regarding new measures to combat rising prices, although a meeting at the presidential palace on Friday failed to reach any conclusion.

The meeting, chaired by President Nikos Christodoulides, addressed a range of measures aimed at alleviating the burden on consumers and addressing the consequences of inflation.

Participating in the meeting were Finance Minister Makis Keravnos, Energy Minister George Papanastasiou, Labour Minister Yiannis Panayiotou and Interior Minister Constantinos Ioannou, as well as the Deputy Minister of Social Welfare Marilena Evangelou and the undersecretary to the president Irene Piki.

According to daily Phileleftheros, the government’s final plan is expected to be completed by the end of the month.

Various scenarios were considered, and a series of recommendations were placed on the table for further discussion.

Christodoulides, reportedly gave instructions to the ministers that the new measures should focus on two directions: immediate and short-term solutions and being sustainable.

Speaking after the meeting, Papanastasiou said that all parties involved in the talks at the Presidential Palace were quite clear about their recommendations.

“We have reached conclusions regarding the measures, but the final decision lies with the president,” he told the Cyprus News Agency.

“There will be some final touches related to public finances.”

When asked about the nature of the measures, he also said that they would be short-term and medium-term solutions focusing on areas such as electricity, fuel, and photovoltaics.

He underlined the government’s commitment to assisting households in coping with the challenging economic circumstances.

“There will be a package of announcements to combat inflation and help households navigate these difficult financial times.”

Furthermore, Papanastasiou noted that the implementation of these measures would be swift and possibly effective as early as November 1.

“The government is taking decisive action to address the issue of rising prices and provide relief to consumers during these challenging economic times,” he concluded.