Estimated annual inflation in Malta this month continued to be above the eurozone average, albeit marginally, according to data issued by the EU information office.

Eurostat said a flash estimate showed that eurozone annual inflation this month was 5.3%. Malta’s rate was 5.7%.

The latest estimated inflation rate in the Euro area.The latest estimated inflation rate in the Euro area.

The main components of eurozone inflation were food, alcohol & tobacco (10.8%, compared with 11.6% in June), followed by services (5.6%, compared with 5.4% in June), non-energy industrial goods (5%, compared with 5.5% in June) and energy (-6.1%, compared with -5.6% in June).

The energy component is practically insignificant in Malta's case since energy prices have been frozen, with the government covering higher prices through subsidies.

Annual inflation in Malta has nudged higher than the eurozone average since May, as international oil prices started to fall.

In April, the average annual euro area inflation was 7% while Malta's was 6.4%. Malta's inflation was also higher than the Eurozone average for all previous months of the year.  

In January, Eurozone annual inflation stood at 8.8% while Malta's was 6.8%.

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