Minimum Wage Discussions Triggers a Wave of Price Hikes in Northern Cyprus
After recent discussions on inflation predictions and debates over the new minimum wage, market dynamics have led to multiple price hikes for consumers in Northern Cyprus.
In recent weeks, electricity prices increased by a total of 22%, while bread saw a 20% hike, eggs 11%, and coffee 10%. Following Finance Minister Özdemir Berova's projection that the cost of living index would rise to 48.5% in January 2024, consecutive price increases have been implemented.
The call from the Free Workers' Unions Federation (Hür-İş) to convene for the determination of the third minimum wage of the year added to the market fluctuations, adversely affecting citizens.
Increases in Electricity, Bread, Eggs, and Coffee!
Amidst inflation predictions and ongoing discussions on the new minimum wage, electricity prices have seen a 22% increase in the last two months. After last month's 15% increase in electricity, a further 7% increase was applied to all electricity tariffs this month.
Alongside electricity prices, essential food products also faced a price hike. A loaf of bread, previously sold for 10 TL, increased to 12 TL, while the price per egg saw a 50 kuruş hike. This resulted in a 20% increase for bread and 11% for eggs. The beloved Turkish coffee in the country also experienced a 10% price hike.
According to information obtained by Kıbrıs Postası, chicken prices are expected to increase in the coming days, although the exact rate is yet to be determined as a new list has not been prepared.
Uncertain Date for the Second Meeting of the Minimum Wage Table
Meanwhile, the Minimum Wage Determination Commission gathered in the last days of November to determine the new minimum wage. While the worker's side demanded a 48.5% increase and the employer's side proposed a 25% increase, no agreement was reached at the table, and the date for the next meeting remains uncertain.
Minister of Labor and Social Security Sadık Gardiyanoğlu announced that it would not be the third but the first minimum wage of 2024 that would be determined. The new figure is expected to be finalized later this month.
Source: Kıbrıs Postası