Cyprus Inflation Skyrockets to 4.4% Amid European Crisis

Cyprus is experiencing one of the highest inflation rates in the European Union, with annual inflation reaching 4.4% in July.

This puts Cyprus alongside Bulgaria as the EU's joint third-highest rate, with only Romania at 8.2% and Lithuania at 5.4% recording higher inflation.

The average household is seeing price increases across various essential items, including a 12% rise in restaurant and hotel prices compared to July last year, a 7% increase in housing costs, and a 10% hike in energy prices.