The price of 27 out of 45 products monitored by the Cyprus consumer protection service increased in July, according to the latest price observatory report.

According to the service, the biggest rises were seen in fresh and frozen fish, as well as sugar, while greens and vegetables experienced a decrease.

This trend was highlighted in the latest report released on Wednesday. Moreover, the inflation rate decreased to 2.1 per cent in July, down from 2.9 per cent in June, marking a reversal from the previous upward trend.

This moderation in inflation was mirrored across several product categories. Notably, food prices experienced a slight rise, with inflation recorded at 2.2 per cent from January to July 2024, up from 2 per cent in the first half of the year.

This increase was driven primarily by a sharp 4.5 per cent rise in agricultural product prices in July alone.

Hoteliers in Famagusta are optimistic that occupancy levels will be similar to those in 2023, with current rates for July and August standing at 85 to 95 per cent.

Panayiotis Constantinou, President of the Famagusta Hoteliers Association (Pasyxe) on Thursday said that bookings continue strong into the early autumn, aligning well with the figures from the previous year.

Speaking to the Cyprus News Agency (CNA), Constantinou noted that the region’s hotels have sustained impressive occupancy rates throughout the summer.

Moreover, with promising reservations extending into September, he remains “optimistic that this trend will continue into October, which is already seeing an increase in bookings”.

“Furthermore, if we manage to extend bookings into November it could yield even better outcomes,” he added.

He also noted that “the main market for the Famagusta district is the British one”.

“However, due to the economic crisis facing the country, tourists are still coming for holidays but their stay is shorter—staying for seven days instead of nine,” he explained.

The Cyprus Securities and Exchange Commission (CySEC) on Thursday issued a warning to the public regarding false and misleading posts circulating on social media and other online platforms.

These posts, the commission said, falsely attribute investment endorsements to well-known political figures and artists, claiming they have invested in or are recommending investment products that promise high returns.

“These false and misleading postings aim to deceive and defraud the public and are unrelated to the public figures presented as investors or advisors,” the commission said in a statement.

The commission pointed out that it has thoroughly investigated several of these posts and confirmed that they do not originate from entities or individuals authorised to provide investment services in Cyprus.

Neapolis University Pafos (NUP) on Thursday announced the establishment of the Jean Monnet Centre of Excellence AI-2-Trace-Crime, a project supported by the European Union.

According to the announcement, this initiative focuses on the application of artificial intelligence (AI) in the fields of asset recovery, anti-money laundering (AML), and crime prevention.

The university stated that “this significant project has received approval and funding from the European Union, marking an important milestone for NUP and the academic community of Cyprus”.

It added that the “centre aims to become a hub of knowledge, research, teaching, and outreach at the intersection of artificial intelligence and crime prevention within the EU and beyond”.

Moreover, the centre will leverage interdisciplinary expertise from the departments of law, computer science, history, politics, and international studies.

Around 600 new housing units are to be constructed in Limassol in the next six years for rent or purchase as part of the state’s affordable housing policy, the Cyprus Land Development Corporation (Koag) said on Thursday.

Director general, Eleni Symeonidou, told the Cyprus News Agency that work on the first phase batch is due to begin in October or November in collaboration with the Limassol municipality.

“We will build 138 units in the first phase to rent to the municipality,” Symeonidou said.

Once work begins, it will take 17 months for the first 37 units to be available for rent and then work will start on three more apartment buildings with another 138 units.

“Our proposal is to implement the same plan in two other blocks to produce over the next six years 600 units for rent in Limassol, where we see that the problem is particularly acute in terms of rents,” she added.

The European Commission has given assurances that it will use “all the diplomatic means at its disposal” in order to protect the Great Sea Interconnector (GSI) after reports this week revealed the project was being monitored by Turkey from a distance.

According to the Cyprus News Agency, the Commission’s General Directorate of Energy gave its assurances in an official letter after a research vessel conducting surveys of the seabed for the proposed subsea electricity cable was being monitored by the Turkish navy.

It was not clear to whom precisely the letter was addressed, although the Cyprus Mail was able to confirm such a communique was sent by the European Commission. It’s also understood that the written communique followed earlier verbal assurances regarding the same matter.

The Commission’s assurance letter states that the GSI is a project of common interest under EU Regulation 2022/869 concerning the trans-European energy infrastructures and is included in the EU’s list of projects of common interest (PCi) adopted in November 2023.

As part of that, the project received a multi-million subsidy through the Connecting Europe Facility. Based on these facts, the Energy Directorate promises in the letter that “the European Commission will use all the diplomatic means at its disposal to protect against the geopolitical risk mentioned.”

Agricultural organisations are hopeful that this year’s olive oil production will be better than last year’s, potentially leading to a drop in prices for consumers.

However, the full impact of heatwaves, drought and olive-eating insects on the crops won’t be clear until the olive-picking season begins in October.

President of Panagrotikos agricultural organisation, Kyriakos Kailas, told the Cyprus News Agency (CNA) that this year’s outlook seems more promising than last year’s, though the ongoing water cuts are a significant concern. “So far, we are satisfied,” he said, “but our biggest problem is drought.”

Kailas criticised the lack of timely measures, such as desalination, and mentioned that requests had been made for additional irrigation water.

Regarding olive oil prices, Kailas suggested that consumers might see lower costs this year, though similar challenges are affecting all olive-producing countries in Europe. Prices, he noted, are largely influenced by major producers like Spain, Crete in Greece, Portugal and Italy.

PwC Cyprus partner and telecoms lead Nicos Theodoulou on Thursday highlighted key strategies for telecom leaders to remain competitive amid rapid industry changes in the

“Digital connectivity is more important than ever, especially with the rollout of 5G networks,” Theodoulou said, referencing the latest PwC Global Telecoms Industry Outlook report.

He pointed out the potential of 5G, which promises super-fast internet speeds, low latency, and extensive device connectivity that could seamlessly integrate smart cities, autonomous cars, and IoT devices.

“For telecom companies, investing in 5G isn’t just a good idea—it’s a must,” he added, noting that this investment will open new opportunities and help meet the growing demand for high-speed internet.

The increasingly blurred lines between telecommunications, media, and technology sectors also demand attention, he mentioned.

“Telecom companies are using advanced tech to improve how they deliver content and engage with their audiences,” Theodoulou said, emphasising the importance of technology in enhancing customer experiences. 

The Cyprus Stock Exchange (CSE) ended Thursday, August 22 with profits.

The general Cyprus Stock Market Index was at 180.49 points at 12:45 during the day, reflecting an increase of 0.66 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 109.94 points, representing a rise of 0.67 per cent.

The total value of transactions came up to €646,373, until the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes rose by 0.57 per cent and 0.68 per cent respectively. The investment firm index fell by 0.36 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+1.94 per cent), Hellenic Bank (+0.32 per cent), Atlantic Insurance (+7.69 per cent), Demetra (-0.37 per cent), and Logicom (no change).