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Next Previous The Ministry of Finance raised the inflation forecast to 4% HOME • INSIDER • CYPRUS • The Ministry of Finance raised the inflation forecast to 4%
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At 4%, from 1.5% of the initial estimate, the Ministry of Finance revised the inflation forecast for 2022, due to the upward trend in oil prices in the midst of the Ukrainian crisis.
< The new assessment of the course of inflation was announced at the meeting of the parliamentary Committee on Trade, which examined the issue of rising prices and inflation.
Lucy Herodotus Mouskou, Director of the Directorate of Economic Policy, European and International Affairs at the Ministry of Finance, told the Commission that this increase will cost the state coffers € 25 million through the increased Automatic Indicator Adjustment, while the increase in prices makes it difficult. government development program.
“For every 1% increase in inflation, it corresponds to a budget cost of € 10 million from the increased indexation allowances. “This must be taken into account in public planning,” he told the commission.
He also said that the revised inflation forecast for 2022 is now at 4% from 1.5% and added that any burden creates further difficulties in the implementation of the government's development program.
He acknowledged that Cyprus depends from oil to electricity generation, with increases in oil prices being international amid continuing uncertainty that will continue as the crisis in Ukraine continues.
“We expect that in case of retaliation from Russia we will have additional inflationary tendencies,” he added.
Recalling that the increase in inflation had started in September 2021, Ms. Mouskou also reminded that the state was and will remain a helper. As he said, in November 2021 the electricity bills were reduced by 10%, the VAT for vulnerable groups was reduced to 5% for six months and for other households to 9% for 3 months, while the state extended the VAT reduction for another 2 months and in addition the reduction of excise duties on fuel.
Besides, the Deputy of the Consumer Protection Service at the Ministry of Commerce, Antonis Ioannou said that the Service considers the ceiling in some items as the “last measure” .
He said that the Service is examining the new fuel loads introduced by the oil companies in order to inform the Minister about the new retail prices.
Mr. Ioannou said that the Service will have within days the new framework for monitoring the price of fuel. He noted that the problem in the sector is related to the small number of oil companies and not to the gas station owners.
He mentioned that there were complaints about grain that some kept them to sell at a higher price and added that for grain the issue of possible profiteering will be addressed when the issue of stocks is resolved.
He also noted that price increases are recorded in 100 of the 170 products monitored by the Service, while bread prices have been rising since last September. He recalled that with the latest ministerial decree, wheat and maize were added to the monitored goods. .
In particular, he said that the structural iron was € 450 per ton in January 2021, rose in March 2021 to € 770 and today is € 1,050. saying that farmers are forced to sell units because of the lack of feed and the increased costs which they can not pass on to the consumer, he said. The primary sector can produce but the state must help, he said.
In statements after the meeting, the Chairman of the committee Kyriakos Hatzigiannis said that inflation is imported and is not a matter of omissions or criticism.
“Here there is a crazy course of accuracy of raw materials, fuel, oil, natural “There is a shortage of gas and the demand is huge,” he said, adding that supply chains have been affected by the coronavirus pandemic and are expanding due to sanctions against Russia.
“These basic conditions lead to a shortage of raw materials and fuels, with the result that prices have an unpredictable course,” he added, noting that we are avoiding people facing dilemmas of food shortages.
is condemnable, but it is not the problem in the course of inflation.
AKEL MP Costas Costa criticized the Government both in terms of continuing its dependence on oil and its options on the subject of cereals. He spoke in support of the US Alliance, but said that maintaining some independence was not the answer. cents per liter.
Michalis Giakoumi of DIPA reiterated some of the party's proposals for reducing accuracy such as zero VAT on food, medicine and basic necessities, and extending the low VAT rate on electricity .