Cyprus €70m cost-of-living relief package fails to tackle high energy prices

The government in late September unveiled a €70 million relief package, cutting heating oil tax by 5.3 cents per litre from November 1, extending electricity subsidies, applying zero VAT to more essential goods, reducing VAT on residential photovoltaic systems and adding aid for vulnerable households and mountain residents. Economic observers say the measures fail to correct underlying problems, and consumers would feel less pain had baseline energy prices been brought down.