Global economic growth is projected to reach just 2.8% by 2030, a full percentage point below the historical average, unless major reforms are made to boost productivity and leverage technologies like artificial intelligence, according to the IMF.
Fuel prices are expected to increase further, with an importing company already announcing a rise of one and a half cents per litre for petrol and diesel. The President of the Cyprus Consumer Association expressed concerns about potential unjustified increases in basic goods, as current supermarket prices were set when fuel prices were higher. He also warned against profiteering by some businesses. Prices for Easter table products, such as lamb, may see a small increase, but the catering sector is not expected to raise prices, with some restaurants even reducing the quantity or variety of dishes to cut costs due to decreased dining out.
Fact: In the northeastern Italian city of Trieste, a construction project is underway to demolish and replace eight buildings with social housing from the 1950s with energy-efficient apartments, creating green spaces and improving existing ones to enhance the area and promote outdoor activity and social interaction.
A 31-year-old man in Paphos was arrested for forgery, circulation of a false document, theft, and obtaining money by false representation. He used a fuel refueling debit card from a car rental company on 80 occasions at four different petrol stations to refuel vehicles not belonging to the company. The man was identified as the one who made the unauthorized refueling using the card. The Paphos CID is currently investigating the case.
A 31-year-old man was remanded for eight days at Paphos district court for using a company credit card 80 times to fuel up vehicles, resulting in a cost of €4,245.
Leandro Rivera discovered a cave in Peru’s Nazca region containing pre-Hispanic artifacts, including human bodies with elongated heads and three fingers on each hand. Rivera was convicted of assault on public monuments for excavating the artifacts, which ended up in Mexico and sparked debates on UFOs. Peru is struggling to control the trafficking of archaeological items, which have become popular on the online black market during the COVID-19 pandemic. Despite efforts to repatriate stolen artifacts, demands from private collectors in the US and Europe persist. Authorities in Peru face challenges in preventing looted items from leaving the country and repatriating smuggled remains.
The government is addressing increases in the retail price of fuel with targeted measures and by strengthening the incomes of the middle class. The government had implemented a blanket fuel tax subsidy last year, but elected not to extend it past the end of last month. A forthcoming “green tax” will be implemented later this year, potentially adding eight cents per litre to the retail price of fuel. The government is also looking to address the issue of multiple pensions for high-level government officials, aiming to replace them with a one-time lump sum payment. Changing the constitution to address multiple pensions is not an option as it would require the consent of the Turkish Cypriot community.
– Inflation rate in Cyprus dropped to 1.2% in March 2024, down from 1.8% in February and 5.8% in March 2023.
– The cost of living in Cyprus is 14% higher than it was four years ago when the COVID pandemic began.
– Food prices in Cyprus have seen significant increases, with olive oil doubling in price and sugar spiking by 59.2%.
– Prices of staple food items like bread, rice, dairy products, and eggs have also risen over the four-year period.
– Prices of agricultural products, fuel, and electricity have also increased in Cyprus over the same period.
The price of Brent crude oil for May deliveries has surpassed per barrel, with negotiations currently at .1. This marks the highest prices since January 1, 2024, and also a seven-month record. Retail fuel prices in Cyprus are expected to increase further due to the rise in international oil prices.
In March 2024, inflation in Cyprus decelerated significantly, with a year-on-year increase of 1.2 per cent, the lowest rate in nearly three years. This was primarily due to a reduction in electricity and petroleum prices.