Maltese Hotels And Restaurants Importing From Sicily To Counter Local Food Price Hikes, Virtu Ferries Says
More hotels and restaurants are resorting to importing food from Sicily to counter increases in products locally, shipping company Virtu Ferries has said.
In a statement, Virtu said it has gone against global trade trends, maintaining freight costs at pre-COVID levels and helping SMEs by lowering costs for small and medium sized commercial vehicles through a number of favourable schemes.
“Importers, sourcing products from Italy and in particular Sicily, have not seen an increase in freight charges,” the company said. “Retailers are taking full advantage of the Virtu offers switching to stocking up from Sicily to reduce their cost of carriage.”
“Hotels and restaurants are resorting to importation from Sicily to counter the local increase in prices of food products.”
“Virtu Ferries are now operating two vessels with daily voyages at convenient timing, multiple times in the week. Voyage frequency is of particular importance to importers, it allows for warehousing, at no cost in Sicily, and importation of frequent minimum orders reducing financial costs. Cutting costs in the current situation is essential for repositioning post-COVID.”
With global inflation surging following the pandemic and the UK departing from the EU single market, several food products in Malta have become more expensive, with supermarkets reportedly estimating a 15% increase in prices.
Marcel Mizzi, deputy president of the Chamber of SMEs, recently warned that freight costs have shot up sixfold, with containers that used to cost some €2,000-€3,000 to import now costing some €17,000.
The government recently responded to Malta’s inflation challenges by announcing that every worker and student will be given a one-time €100 cheque, while pensioners and people on social benefits will be given €200.
The PN recently proposed a €40 million rescue fund for importers and exporters, arguing that the European Commission could agree to this due to Malta’s double insularity problems.
PL candidate Malcolm Paul Agius Galea has also urged the government to clamp down on price gouging practices in the market, warning that some businesses are taking advantage of inflation to raise their prices unfairly.
Cover photo: Virtu Ferries
Have you felt an increase in food prices? Let us know in the comments below
READ NEXT: Watch: Piling Rig Collapses Onto Empty Parked Car In Gozo
