Malta’s annual inflation rate up 7% in August

Photo: Miguela Xuereb

In August 2022, Malta’s annual inflation rate, as measured by the HICP, stood at 7%, down from 6.8% the previous month, the National Statistics Office said on Friday.

The annual inflation rate measures the average change in prices between the reference month and the same month of the previous year.

The highest annual inflation rates in August 2022 were recorded in the sectors of food and non-alcoholic beverages (11.3%) and housing, water, electricity, gas and other fuels (9.2%).

In contrast, the lowest annual inflation rates were recorded in clothing and footwear (0.4%) and communications (0.9%).

Moreover, the largest upward impact on annual inflation in August was recorded in the food and non-alcoholic beverages index (+1.91 percentage points), largely due to the rising meat prices.

The second and third largest impacts were measured in the restaurants and hotels index (+1.35 percentage points) and in the transport index (+0.98 percentage points), mainly due to higher prices for catering services and car maintenance services, respectively.

On the other hand, no downward impact on annual inflation was recorded for the month of August.

The annual rate of change in the Maltese all-items HICP excluding energy and unprocessed food was 7%, 1.9 percentage points higher than the 5.1% recorded for the euro area.

The HICP measures monthly price changes in the cost of purchasing a representative basket of consumer goods and services. The HICP is calculated according to the rules specified in a series of European Union (EU) regulations which have been developed by Eurostat in collaboration with EU Member States. The HICP is used to compare inflation rates in the EU.

Annual inflation up to 10.1% in the EU

Annual inflation in the European Union was 10.1% in August 2022, down from 9.8% in July. A year earlier, the rate was 3.2%. These figures are published by Eurostat, the statistical office of the European Union.

The lowest annual rates were recorded in France (6.6%), Malta (7.0%) and Finland (7.9%). The highest annual rates were recorded in Estonia (25.2%), Latvia (21.4%) and Lithuania (21.1%). Compared with July, annual inflation fell in twelve Member States and rose in fifteen.

The euro area annual inflation rate stood at 9.1% in August 2022, down from 8.9% in July. A year earlier, the rate was 3.0%.

In August, the largest contribution to the euro area annual inflation rate came from energy (+3.95 percentage points, pp), followed by food, alcohol & tobacco (+2.25 pp ), services (+1.62 pp) and industrial goods excluding energy (+1.33 pp).

BE THE FIRST TO RECEIVE THE LATEST NEWS

Download the Newsbook app

Apple App Store

google play

Comments are closed.