Europe Sees A Dip In Inflation Rates – But How Does Malta Compare?
The Eurozone continues to witness a decreasing trend in inflation for the fourth consecutive month.
Inflation rates throughout Europe have now reached an average of 6.1%, a substantial drop from last year’s 8.1% according to the most recent figures published by Eurostat.
This time last year, the region grappled with the fallout of high inflation rates that peaked at an all-time high of 10.7% in October.
As per the new data, the annual inflation rate last month in the EU was 7.1%, lower than the 8.1% recorded in April.
Meanwhile, a year ago, the rate was significantly higher at 8.8%.
Amongst the member states, the lowest annual rates were seen in Luxembourg (2.0%), Belgium (2.7%), Denmark, and Spain (both at 2.9%).
On the other hand, Hungary (21.9%), Poland, and Czechia (both 12.5%) registered the highest annual rates. It’s important to note that compared with April, annual inflation has fallen in twenty-six member states and increased in one.
Malta’s inflation rate shows a slight increase from 6.4% in April to 6.3% in May . This is approximately on par with the average for the Eurozone, and below the overall EU average.
Interestingly, unlike last year when Malta recorded one of the lowest inflation rates, this year it hovers near the middle of the pack.
While global inflation continues to be affected by the ongoing health crisis and geopolitical tensions, there seems to be a sign of possible stabilization within Europe. However, it remains to be seen whether this downward trend in inflation is a precursor to a potential long-lasting recovery or merely the calm before a recessionary storm.
With the current global tension and financial crisis, the question remains – what steps are you taking to shield your finances?