Malta's inflation rate continued to fall last month hitting one of the lowest monthly levels in the past years at just 0.7 per cent, lower than the monthly eurozone average of 0.9 per cent.

However, according to the latest figures released by Eurostat, Malta's 12-month average inflation rate is still the highest in the 16-member eurozone, although it has now been joined by financially-troubled Greece at 1.5 per cent.

The average inflation rate in the euro area over the past 12 months, particularly due to the recession, remained at very low levels, in the region of 0.3 per cent.

The EU statistical office said that, on a month to month level, Malta's inflation rate in February dropped by half a percentage point from 1.2 per cent in January to 0.7 per cent in May. On the other hand, inflation in the eurozone only declined by 0.1 per cent, down from one per cent in January to 0.9 per cent in February.

On a general level, Eurostat said, last month, the lowest annual rates were observed in Latvia (-4.3 per cent), Ireland (-2.4 per cent) and Lithuania (-0.6 per cent) while the highest rates were registered in Hungary (5.6 per cent), Romania (4.5 per cent) and Poland (3.4 per cent).

Compared with January 2010, annual inflation fell in 15 member states, remained stable in seven and rose in five.

The lowest 12-month averages until February were registered in Ireland (-2.2 per cent), Portugal (-0.9 per cent) and Estonia (-0.6 per cent) and the highest in Romania (5.3 per cent), Hungary (4.6 per cent) and Poland (four per cent).

Eurostat said the main components with the highest annual rates last month were alcohol and tobacco and transport (both 4.3 per cent) while the lowest annual rates were observed for food (-1.1 per cent), communications (-0.6 per cent) and recreation and culture (-0.3 per cent).

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