“At a moment when costs are increasing globally, someone who would want to increase the prices of their services anyway will seize the moment and increase them now. I think this is the time to ensure prices don’t increase more than they should.”

Although Agius Galea didn’t specify exactly price hikes he was referring to, he said he was talking about certain services “which are difficult to quantify”.

“If raw material costs increase globally, I understand that you can’t perform miracles and that the state isn’t God Almighty. However, I think certain services should be careful on how they increase their prices and should make sure greed doesn’t take over.”

Questioned whether price caps on certain food items should be imposed as had happened with face masks and visors two years ago, Agius Galea said the government should safeguard against abuse.

“Unfortunately greed can get out of hand and steamroll over people; the government shouldn’t allow greed to destabilise the country.”

Food inflation has increased worldwide, with analysts citing a number of factors, such as supply chain disruptions exacerbated by the COVID-19 pandemic, labour shortages, higher energy costs, extreme weather conditions, and pent-up demand in the wake of lockdowns.

Recent figures from the OECD, a group of 38 mostly developed countries, show that inflation is at a 25-year high, largely driven by soaring food and energy prices.

Lovin Malta recently hit the streets to listen to what people have to say about inflation, and whether shoppers are starting to feel the pinch. You can watch what people had to say below.

Have you felt an increase in prices? Let us know in the comments below