In November 2023, Malta‘s annual inflation rate, according to the latest Retail Price Index from the country’s National Statistics Office, stood at 3.6%, showing a slight decrease from the October 2023 figure of 3.7%.
The 12-month moving average rate for October stood at 5.4%.
Food prices had the most significant upward impact on annual inflation, contributing an increase of 1.62 percentage points, while the Transport and Communication Index had the largest downward impact, representing a decrease of 0.07 percentage points.
Elsewhere, according to the Harmonised Index of Consumer Prices (HICP) for November 2023, the annual inflation rate in Malta was 3.9%, down from 4.2% in October 2023.
In November 2023, the most substantial upward influence on the annual inflation rate in Malta was observed in food and non-alcoholic beverages, contributing an increase of 1.45 percentage points, while the largest downward impact was noted in communications – a decrease of 0.37 percentage points.
Prime Minister comments
At the start of January, Malta’s Prime Minister, Robert Abela, outlined his commitment to implementing additional measures in 2024 to address inflation as part of the government’s efforts to combat the rising cost of living, the Xinhua news agency reported.
In his New Year speech, Abela emphasised the government’s awareness of the challenges faced by families and assured the public of forthcoming actions.
He stated, “I can confirm that in the coming days, we will implement more measures that we have already announced, and we will continue working with all our stakeholders” to address the issues related to the cost of living.
Abela highlighted the strong pace of Malta’s economy, emphasising that the government has chosen a path of investment and progress, contrasting it with the austerity measures undertaken by some European countries.
