Inflation remained stubbornly high in February, rising to an annual rate of 7 per cent.
While a 7 per cent inflation rate is lower than the rates registered in the months between September and December, it reverses the downward trend registered in January, when the annual rate had dipped to 6.8 per cent.
It also marks a departure from the European trend. Malta’s inflation rate remains significantly lower than the EU and Eurozone average (9.9 per cent and 8.5 per cent respectively) but both those rates registered month-on-month declines.
Locally, food and non-alcoholic beverages continued to provide the greatest upward pressure on rising prices last month, contributing 2.36 percentage points to inflation. Rising housing costs also contributed, with the housing, water, electricity, gas and other fuels index registering a significant annual rise.
Malta is currently subsidising electricity and fuel costs, with the government effectively absorbing price rises to shield consumers and businesses from those price pressures.
Malta's inflation rate continues to trail the Eurozone one. Graphic: NSONo downward impacts on annual inflation were registered for the month of February, the Nationals Statistics Office noted.
The 12-month moving average inflation rate – a comparison of the past 12 monthly inflation rates to the previous 12 rates – was of 6.6 per cent.