The annual rate of inflation in June rose to two per cent, according to the Central Bank of Malta.

In its latest economic update, the CBM said its business conditions rose over the previous month and continued to “suggest above-average conditions”.

The bank also noted the Consolidated Fund registered a smaller deficit compared with that recorded in June 2017.

Labour market conditions remained favourable in June, with the number of registered unemployed declining further and the unemployment rate falling to a new historical low.

Tourism activity continued to grow at a strong pace in annual terms during the same month, the CBM said.

The annual rate of change of Maltese residents’ deposits eased to 4.5 per cent and the annual growth in credit to residents accelerated to three per cent, the CBM added.

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