Food spend drops 4% as part of total family spending

Malta’s food exports advanced by 94.9% in 2010 to an estimated value of €135.7 million, over 2009, bolstered by a massive 371% increase in fish exports valued at €70 million

The acquaculture industry registered a resounding level of exports in 2010, well above the measly €14 million in exports in 2009 but not as high as the preceding years where it exported up to €104 million in 2007.

The total national expenditure on food in Malta increased by 1.4% over 2009 to a total of €579 million in 2010, the National Statistics Office said in a data set it released on food prices.

Last year, food consumption expenditure was estimated at 13.4 per cent of the total final consumption expenditure, but it is evident that people are spending less on food as part of total consumer spending, almost 4% less than 2009.

In 2010, there was an increase in household spending on oils and fats (+3.8 per cent), dairy products (+3.7 per cent), and fruit (+1.3 per cent) when compared to 2009. On the other hand, there were drops in expenditure on fish, meat and vegetables of 1.9 per cent, 0.7 per cent and 0.5 per cent respectively.

Last year, the retail price index 12-month moving average inflation rate of food was 1.02 per cent, while the annual rate as at December was 5.06 per cent.

Food prices were higher in respect of fish, beef and pork, vegetables, potatoes and milk. Inflation was the highest for fish, which was the only food to experience a decline in consumption.

Current figures for 2010 put the value of imported foodstuffs at €399.6 million, up by 1.7 per cent when compared to 2009. Increases were recorded for sugar products (+35.6 per cent) and fruit and vegetables (+7.0 per cent).