End of May inflation drops marginally

Following months of rising inflation that had caused concern in certain circles, the National Statistics Office reported yesterday that Malta’s rate of inflation at the end of May had appeared to stabilise and, in fact, had dropped marginally.

However, the rate of inflation, which currently stands at 3.64, is a far cry from last year’s end of May figure, which had stood at 1.89.

Meanwhile, Malta’s retail price index had risen in May by 0.61 per cent to reach 118.47 – the highest reading so far this year.

The category of consumer goods seeing the largest price hike, at 4.08 per cent, was the Clothing and Footwear index, following higher average prices being recorded in most clothing and footwear items within the index.

Meanwhile, higher average prices recorded in the price of airfares saw the Transport and Communications index rise by 1.32 per cent.

The Food items index rose by 0.18 per cent over the previous month as a result of average price increases for fresh meat, fresh fish, cheese, milk, fresh fruit and confectionery. However, a drop in the average prices for chicken and rabbits, eggs, potatoes and fresh vegetables was also recorded.

The Housing index climbed minimally 0.04 per cent following an increase average prices for some house maintenance goods.

The Fuel, Light and Power index declined 0.06 per cent due to a drop in the average price of a range of lighting accessories.