Inflation tops 4% in June
The annual rate of inflation climbed to 4.04 percent in June, the highest it has been for years, according to figures issued by the National Statistics Office show.
In June the Retail Price Index increased to 114.99 from 114.58 in May, an increase of 0.36 percent.
In June 2008, the Retail Price Index went up by 0.36 per cent over the previous month. The NSO said this primarily reflected an increase of 1.79 percent in the Transport and Communications Index, mainly due to price rises in fuels.
The Beverages and Tobacco Index went up by 0.69 percent, mainly on account of higher prices of served nonalcoholic beverages. The Recreation and Culture Index registered an increase of 0.28 percent after an increase in the prices of some stationery items. The Clothing and Footwear Index, increased by 0.25 percent, mainly on account of rises in the prices of garments.
A 0.20 percent increase in the Housing Index was reflected in costlier electricity equipment and other articles and materials related to house decoration.
The Water, Electricity, Gas and Fuels Index went up by 0.18 percent, mainly on account of the higher price of kerosene. Price increases in medical services caused an upward shift of 0.13 percent in the Personal Care and Health Index. The Other Goods and Services Index went up by 0.08 per cent, mainly due to price rises in non-durable household goods.
A decrease of 0.70 percent was recorded in the Food Index, mainly as a consequence of lower prices of fruits and vegetables.
The NSO said that In June the 12-month moving average rate of inflation stood at 2.94 per cent, whereas the annual rate stood at 4.04 percent.
In contrast, the annual rate of inflation in June last year was just 0.01 percent.
The last time the annual rate of inflation was higher over 4% was in January 02
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A Daley
Jul 23rd 2008, 21:29
Where is the expert that some time ago said that the British pound is only good in lieu of Toilet Paper?
This expert said that due to the Euro being high in value, Malta will have a much lower inflation rate then UK.
This idiot does not have any idea, why inflation in Malta would be much higher due to the very small economy and that we import 90% of our needs.
The only thing that could have given us the ability to fight imported inflation is the CONTROL OF OUR OWN CURRENCY!
Viva l-Euro, controlled from Brussels by the French and the Germans.
By the way, petrol in UK is already going down in price, and that is because since last week, oil prices have been going down on the open market, while in Malta we have to pay for this INCOMPETENT administration, and the Enemalta loan from BOV. That was for investment right? yeah right, pull the other one!
Where are the foreign Companies like Shell, BP. Esso etc to invest in Malta - Ha ha haj.
Sirna bhall barra wkoll!
laurence schembri
Jul 23rd 2008, 12:56
As in other countries that adopted the €. I said that this would happen some three months prior to the € being forced upon us blindfolded. It happened in Germany, Austria, Sweden, Denmark, even in Cyprus.
The excuse is, the price of oil and cereals. No, this is not so. Prices started exploding throughout the EU long before the price of oil and cereals are what they are today. If anything, because of the strength of the € against other currencies, inflation ought noy to be on the incease but the opposite.