Government approves 70-million-euro package to combat rising cost of living
The Cypriot cabinet approved a 70-million-euro package of measures on September 30 to combat inflation and rising cost of living. The package includes subsidies for electricity bills for vulnerable consumers and businesses, reduced value-added tax on basic foodstuffs, lowered heating oil tax, affordable solar systems, and additional direct assistance of 200 euros for eligible households. Together with existing measures, total state support reaches approximately 160 million euros. Finance Minister Makis Keravnos emphasized that the measures result from responsible fiscal policy and budget surpluses.