Residents rush to buy alcohol after price increase

Restaurants and bar owners are worried about how they will remain in business following the recent price hikes on alcohol.

Duty on beer has increased from 3 TL to 15 TL per litre, according to the Official Gazette. On spirits such as whiskey, tequila and raki, the duty has risen from 13 TL to 50 TL per litre, while the duty on wines has gone up from 4 TL to 20 TL per litre; all in order to increase the government’s Price Stabilisation Fund.

On top of which, the cost of electricity has risen as have many foods such as bread, vegetables and meat; leaving restaurant owners wondering how they will survive.

Meanwhile, ahead of the price hikes on alcohol, supermarkets shelves were emptied, while some store owners held back some stock to sell after price increases were announced.

Cyprus Today, LGC News

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