Inflation reached 130 percent in one year in North Cyprus

Inflation in North Cyprus increased to 130.15 percent between October 2021 and October 2022, Yeniduzen reports.

Food prices have increased by 25 percent since July, when the last minimum wage was announced.

Food and fuel prices have increased as follows:

Electricity: 261%, UHT Milk: 177%, Chicken: 165%, Halloumi: 165%, Red meat: 128%, LPG Bottled Gas: 114%, Fuel (Diesel): 241%, Petrol (95 octane): 164%, and Bread: 146%. 

Former Undersecretary of the State Planning Organisation (DPÖ), Ödül Muhtaroğlu said the following:  “In two months’ time, the cost of living will increase even more and the low-income people will suffer a lot… Product prices in the market should also be controlled”.