euros money

Malta’s rate of inflation has increased by another 0.1 per cent from seven per cent to 7.1 per cent in March 2023. The 12-month moving average for inflation stood at 6.8 per cent, up 0.2 from February 2023.

This indicates that persistent upward price pressure is preventing Malta’s rate of inflation from declining and is only 0.3 per cent below its peak in September 2022. This means that Malta’s rate of inflation is above the eurozone average which dropped below seven per cent.

NSO

Food and non-alcoholic beverages continue to be the primary drivers of upward annual inflation (12.9 per cent) followed by housing, water, energy and fuels (9.5 per cent)

On a monthly basis, only the cost of transportation declined (0.5 per cent), while the cost of clothing and footwear increased the most (10.8 per cent).

The National Statistics Office noted that the largest upward impact on annual inflation was registered in the food and non-alcoholic beverages index, largely due to higher prices of meat. The second and third largest impacts were measured in the restaurants and hotels index, and the housing, water, electricity, gas and other fuels index, mainly on account of higher prices of restaurant services and house maintenance services, respectively.

The European Central Bank raised interest rates a further 0.5 per cent on 16th March to combat the persistently high rate of inflation.

Stakeholders called upon to improve Malta’s reputation in financial services

June 6, 2023
by BN Writer

The Malta Institute of Accountants held its Biennial Conference

What benefit would a national payment strategy have for Malta?

June 5, 2023
by Arnas Lasys

'COVID-19's impact has led industry analysts to believe that the world is moving toward a cashless society'

Malta-based fintech firm whose former director was sanctioned by the US slapped with FIAU fine

June 5, 2023
by Arnas Lasys

The firm was fined €279,756 for breaching anti-money laundering rules