Malta registers the highest inflation rate in 15 years
LA VALLETTA (MALTA) (ITALPRESS/MNA) – Malta recorded the highest increase in inflation in over 15 years with official statistics showing that the cost of living has exploded between 2021 and 2022 due to the pandemic and the Russian invasion of Ukraine. The National Statistics Office confirmed that the increase in inflation reached a rate of over 6% in one year. The latest Eurobarometer also confirms that the issues of uppermost concern for those living in Malta are the rising prices with 61%. Last month, food and non-alcoholic beverages recorded the highest increase – 13.2%, followed by water and energy prices, and housing with an increase of over 9%. According to the National Statistics Office, the higher meat prices left the biggest impact on the increase in food prices. Prices were already rising in the post-pandemic recovery of 2021 due to the rising cost of wheat and agricultural goods, and paper, shooting up the year after the Russian invasion. Inflation in the European Union increased three times as much in 2022 compared to the 2021 annual figures. However, the EU’s record inflation rates are linked to the rise in energy prices as a direct consequence of the Russian invasion of Ukraine. According to Maltàs Central Bank position, food inflation is expected to start moderating later in 2023.