Standing with society against rising prices/expensiveness
3 June 2026, AKEL C.C. Press Office, Nicosia
The latest Eurostat figures confirm that Cyprus is facing a new wave of price increases for basic goods, electricity, and fuel. Inflation in Cyprus has already exceeded the Eurozone average, and unfortunately, everything indicates that these pressures will continue in the coming period. At the same time, the possibility of the interest rate increasing is creating even greater uncertainty.
This is precisely why substantive support measures must be taken immediately so that society can withstand the impending suffocating pressures.
For AKEL, the priority is to address the rising cost of living through the implementation of specific proposals:
- A permanent reduction of VAT on electricity to 5%.
- Expansion of the Cyprus Electricity Authority’s “social bills” scheme and the automatic enrolment of eligible recipients.
- A tiered subsidy to offset the increase in electricity costs.
- Ending the absurdity of double taxation on fuel.
- At the same time, timely planning is needed to protect vulnerable borrowers and small and medium-sized enterprises in light of potential interest rate hikes.
AKEL will stand with society after the elections as well, submitting relevant proposals in the House of Representatives to ensure real support for society in view of rising prices and the increased cost of living.
