PN leader concerned about Malta's high inflation figures compared to eurozone

People deserve a better life, Bernard Grech said on Saturday, after official statistics showed inflation figures in Malta were much worse than other countries in the eurozone. 

Inflation in the eurozone has fallen by half in the past nine months, according to data released by Eurostat on Friday.  Annual consumer prices growth in the single currency bloc, which is made up of 20 member states, cooled to 5.3 per cent in July, continuing a slide from the record high of 10.6 per cent last October.

National data released on Friday shows that though the annual rate of inflation in Malta as measured by the Harmonised Index of Consumer Prices was down, the highest annual inflation rates in July were recorded in food and non-alcoholic beverages (10 per cent).

In a post on social media, the Nationalist Party leader said the Maltese people are paying for the shortcomings of Robert Abela's government. Prices continue to remain high, especially those related to basic food products, he said. 

Grech emphasised the need to revise the economic model in Malta while recalling a series of proposals his party has made. 

These include strengthening the sectors built by the former Nationalist government and the creation of new sectors that pay workers better. 

The PN leader insisted that the cost of living allowance should not be taxable and that the government should give fiscal incentives to fight inflation. 

He called for the creation of a national fund with an annual budget to support industries involved in imports and exports, which would also cater for the impact of costs of living allowances. 

Grech said the country needs more incentives to dissuade economic activities that are harmful to the environment.