Food Prices In Malta Are Getting Worse, Now Outpacing Eurozone Average
Rises in the cost of food in Malta have overtaken those in the Euro area, according to figures published by the Central Bank of Malta.
The rise in inflation is an overwhelming side-effect of soaring prices of food and transportation costs.
Figures have shown that the annual food price is set to peak at 7.6%, with a predicted fall to 7.1% by the end of 2022.
In a statement, the Central Bank of Malta said that Malta imports around 70% of its food. It is therefore at the mercy of developments on the international front, which include food prices, costs of production, and transportation.
The numbers are undoubtedly affected by the Russo-Ukrainian conflict, moreover after Russian forces have blockaded Ukraine’s ports, preventing any export of food.
Prior to the war, Ukraine’s chief food exports were sunflower oil, wheat, barley, and maize.
Bread and cereal prices rose by an average annual rate of 9.0% during the first four months of this year, while meat prices rose by an average annual rate of 5.0% in the January-April 2022 period.
Fruit and vegetable prices also rose by an average annual rate of 13.3% and 19.0% respectively during the first quarter of the year.
What do you make of the figures?