The annual rate of inflation as measured by the Harmonised Index of Consumer Prices in September was 7.4%, up from 7% in August, the National Statistics Office said.

It said that the 12-month moving average rate for September stood at 4.8%.

The largest upward impact on annual inflation was in the food and non-alcoholic beverages index.

According to Eurostat, Malta’s annual rate in September was the second lowest in the euro area, after that registered in France (6.2%).

The euro area annual inflation rate was 9.9%, up from 9.1% in August.

A year earlier, the rate was 3.4%. 

European Union annual inflation was 10.9% in September, up from 10.1% in August. A year earlier, the rate was 3.6%. 

The HICP measures monthly price changes in the cost of purchasing a representative basket of consumer goods and services. It is calculated according to rules specified in a series of European Union (E regulations that were developed by Eurostat in conjunction with the EU states.

The HICP is used to compare inflation rates across the EU. A closely related measure of price movements is the Retail Price Index.