The Ministry of Finance has revised its inflation forecast for 2022 to 4%, from the initial estimate of 1.5%, due to the upward trend in oil prices amid the Ukrainian crisis.
The new estimate of the inflation rate was announced at the meeting of the Parliamentary Committee on Trade, which examined the issue of the continuing rise in prices and inflation.
Lucy Herodotou Mouskou, Director of the Directorate of Economic Policy, European and International Affairs at the Ministry of Finance told the Committee that this increase will cost the state coffers €25 million through the increased Automatic Price Indexation, while the price increase creates difficulties in the implementation of the government's development programme.
(CNA)
CNA - Grigoris Savva
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