Inflation on a par with the EU - Ministry

The average rate of inflation over the past 12 months was 3.3 per cent, exactly the same as that in the EU, the Finance Ministry said yesterday.

Only one EU member state that joined the bloc with or after Malta had a lower rate - Slovakia which has a rate of 3.1 per cent, the ministry added.

Reacting to a statement by Opposition Leader Charles Mangion, the ministry said that, like other countries, Malta was feeling the impact of higher oil and food prices.

In some countries, the impact was higher, with inflation in Estonia, Lithuania, Bulgaria and Latvia in double digits.

Food price inflation in Malta was 1.1 per cent higher than in the EU because Malta imported practically all its food.

However the Consumer and Competition Division was keeping a watch on prices, with 12,655 visits by inspectors over the past six months.

In his statement, Dr Mangion said inflation on the island was the highest for years and one of the highest in the EU.

He claimed that a large portion of inflation was caused locally and was not imported.