According to the NSO’s latest release of the Harmonised Index of Consumer Prices (HICP), inflation in January went down from 2.5% in December to 2.3% in January, using revised estimates according to ECOICOP version 2 classification. The inflation rate for December has now been calculated 0.1% higher having actually increased after the month of November and going down only in January. This new historical sequence now aligns with the Retail Price Index although the figures are different due to different category weightings.
Food remained consistently the item providing the highest pressure on prices (+0.67 percentage points), mainly due to higher meat prices. Restaurants and accommodation services followed (+0.59 percentage points), while Recreation, sport and culture added +0.26 percentage points.
Downward contributions were recorded in clothing and footwear (-0.13 percentage points), information and communication (-0.13 percentage points) and insurance and financial services (-0.01 percentage points), largely due to lower prices for garments, mobile services and financial services.
Capital goods prices also bumped slightly higher in January.
The inflation rate in Malta is still higher than the Euro-average.
Newsroom
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