Finance Minister Makis Keravnos has confirmed a 2.44% wage increase for public and private sector employees entitled to the Cost of Living Allowance (CoLA), effective from this month. This wage increase, based on automatic wage adjustments in line with the Consumer Price Index (CPI), is expected to remain in place until year-end. The move comes as inflation eased to 3.5% in 2023, a significant drop from the 8.4% registered in 2022, according to the state’s Statistics Department. Last year, CoLA recipients got a boost to their allowance up to 66.7%, ensuing in a 2.44% wage increase amidst a 3.5% rise in the cost-of-living index. Data from StatWatch reveals notable price shifts. Petroleum products, for instance, fell by 7.2% and 5.3% in November and December 2023, respectively. The sharpest change was noted in the restaurant and hotels sector, which witnessed a 5.4% surge.
The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
