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Inflation Hits Hard, As Food Prices Rose By 7.2% This Year

The skyrocketing in prices which took place this year is the highest increase which prices have seen in over a decade. This emerged in a report published by the Central Bank of Malta. in which it released its quarterly review of the state of Malta's economy and finances.

The Central Bank observed an increase of 4.5% in inflation during the first quarter of this year, with it having rose from standing at 2.6% last December.

The primary causes for such an increase in inflation were the costs emerging from services related to recreation and personal care, as measured by the basket of goods and services called the harmonised index of consumer prices.

Whilst the Central Bank remarked that this year's rise marks the highest increase in inflation since 2012, the price increases detected in Malta are still reaching below the level of price increases in the rest of the Eurozone.

Food prices rose by 7.2% in March, whilst restaurants and cafes increased their prices by 6.7% throughout the period which was subjected to the Central Bank's quarterly review.

Factors which have contributed to the soaring levels of inflation have included housing services, mainly maintenance fees and dwelling repairs. Bread, cereals, dairy and meats were also the main causes behind the increase in food prices.

Housing prices have also continued to increase, with them rising from 4.5% last December, to 6.7% during the first quarter of 2022. However, the Central Bank has noted that housing prices in Malta have still remained below those of the Eurozone, where prices increased at an annual significant rate of 9.8%

Have you been feeling the rise in inflation ?

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