The Cyprus Borrowers Association (Syprodat) this week released a statement expressing appreciation for the government’s third support package aimed at alleviating the burden on vulnerable groups, while also noting that these measures “fall short of addressing the needs of all citizens, focusing instead on a very small group of those most vulnerable”.

Syprodat highlighted the ongoing issue of rising prices and the challenges faced by all people in coping with the high cost of living.

The association underscored the current period’s difficulties, “marked by various geopolitical, economic, and energy crises faced not only by Cyprus but also by most EU member states“.

The recent increase in fuel prices, according to Syprodat, will lead to chain increases in the prices of various goods and services.

The association noted that household incomes barely cover basic needs, especially with prices of essential consumer products continuing to rise.

Moreover, Syprodat said that this situation has forced people to alter their consumption habits, avoiding purchases of products they previously bought.

Syprodat called on the government to seriously consider the real struggles faced by people today. It also urged the government to prioritise mitigating the consequences of rising costs, as failure to address this issue could lead to potential economic disruptions in Cyprus.