April Inflation: Rates Rise Across Eurozone, Including Malta
The euro area annual inflation is expected to reach 7% in April when compared to the same month in 2022, increasing from 6.9% in March, as per the latest flash estimate by Eurostat, the statistical office of the European Union.
This uptick in inflation is primarily attributed to soaring prices in sectors such as food, alcohol and tobacco, industrial goods, services, and most importantly energy.
Eurostat, April 2023
Focusing on Malta, the country’s inflation rate has been steadily increasing over the past few months.
In November 2022, Malta recorded a 7.2% inflation rate, which further increased to 7.3% in December. The rate slightly dipped to 6.8% in January 2023 before rising again, reaching 7.1% in March 2023.
The latest estimate for April 2023 suggests a decline in Malta’s inflation rate to 6.5%.
Eurostat, April 2023
A closer look at the inflation rate trends across European countries reveals the following figures for April 2023:
Eurostat, April 2023
April’s numbers demonstrate that Malta has managed to maintain a relatively lower inflation rate compared to some other countries in the euro area.
It is essential, however, to consider that the European average was heavily affected by the ongoing Ukraine wars and gas crises, which Malta seemingly dodged. Eurostat is set to release the comprehensive dataset for April 2023 on 17th May 2023.
Do you think these numbers actually reflect the reality of living in Malta?