Inflation at 1.34% in August

In August, the annual rate of inflation as measured by the Retail Price Index stood at 1.34 per cent. 

In August, the annual rate stood at 1.34 per cent. A year earlier the annual rate was -0.03 per cent.

The main upward impacts on annual inflation were recorded in the Food Index (0.61 percentage points), the Recreation and Culture Index (0.27 percentage points) and the Beverages and Tobacco Index (0.21 percentage points). This was mainly due to higher prices for vegetables, expenses related to education and cigarettes respectively.

The largest downward impacts were brought about by the Transport and Communication Index (0.34 percentage points) and the Water, Electricity, Gas and Fuels Index (0.05 percentage points). This was mainly due to a reduction in fuel and gas prices.

The twelve-month moving average rate was 0.84 per cent.

Statistics substantiate optimism in Malta’s economy- Government

The government has reiterated that recent NSO and Eurostat figures validate the optimism towards the country’s economy.

A government statement noted how inflation reached 0.9% in August, which compares to the 3.2% inflation rate Malta had reached under the previous administration.

The statement also points out that Malta had seen an increase in industrial production which was four times higher than the Eurozone average.

“Furthermore, Eurostat figures also show that exports increased by 8% in the first seven months of the year, whereas international exports in the Eurozone only rose by 5%.”

 The government added that Malta has the third highest export rate among Eurozone countries, which reflects an increase in business with countries outside the EU.

The statement further pointed out that employment has increased by 2.3% in the second quarter of the year, which is almost three times the rate observec in other Eurozone countries.