MOE: Energy prices will remain high (vid)

The Finance Minister talks migrant benefits, rising inflation and punctuality

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The Minister of Finance Konstantinos Petridis spoke on the program "Front Page" about the benefits that the Republic of Cyprus provides to eligible immigrants, but also about the broader economic instability due to increased inflationary trends.

"Inflation is imported. If someone says that they have the tools to reduce inflation, then that is an absolute lie," said Mr. Petridis. "Economy is not in words," he added.

“I think the biggest increases in energy prices have been done, I don't think they will go up any more. And if inflation falls, energy prices will remain high. So we will have to readjust the entire economic policy - society to a new reality", he added.

As the Minister explained, "the main purpose of raising interest rates is to make borrowing more expensive, that is, to reduce consumption and therefore inflation".

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