Updated 2.31pm. Adds PN reaction below.

The annual rate of inflation as measured by the Harmonised Index of Consumer Products in September was 4.9%, slightly down from 5% a month earlier.

It is the first time since March 2022 that the HICP annual rate has fallen below the 5% mark. 

The National Statistics Office said on Wednesday the highest annual inflation rates in September were recorded in food and non-alcoholic beverages (9.9%), and housing, water, electricity, gas and other fuels (7.2%).

The lowest annual inflation rates were registered in communication (-8.4%) and Transport (-0.4%).

The 12-month moving average rate for September stood at 6.4%.

Inflation still higher than EU average - PN

In a reaction to the data, the Nationalist Party observed that inflation in Malta is still higher than the average in the Eurozone, which is 4.3%.

The party insisted that the government should offer more assistance to businesses and families, moreso as inflation is highest in essential items, such as food.  

The party said it was reiterating its vision for an economy based on a new model which attracted value-added activities and created well-paid jobs. It said the cost of living wage adjustment announced in the Budget should not be taxed, and the government should give other fiscal incentives to counter inflation.

It also called for a national fund to help industry cushion the impact of inflation without passing on higher prices to consumers.