Cyprus consumers in a , ‘dire situation’
Consumers in Cyprus are facing increased financial pressure due to rising prices of essential goods, energy costs, and high interest rates, according to the Peo union. The union highlighted that Cyprus ranks second out of 26 EU countries in terms of energy poverty. The cost of borrowing, particularly for housing loans, is also on the rise despite efforts by the European Central Bank to stabilize it. This situation is making it difficult for low and middle-income groups, especially young couples, to afford decent housing. Peo has called on the government to tax windfall profits to fund a comprehensive social policy, including measures to support low-income groups and vulnerable households. Their proposals include restoring and extending the Cost of Living Allowance (Cola) to all employees, reducing electricity tariffs for low-income pensioners, lowering fuel prices, and introducing a scheme to help low to middle-income households purchase electric cars.