Inflation is making a comeback in Europe after it experienced significant pressure downwards last year falling below 2% in the Euro area and in line with the European Central Bank targets. According to the latest released and revised HICP figures by Eurostat, inflation in the Euro-area edged higher in February from 1.7% in January to 1.9% in February.
Services and food have remained the prime categories pushing up inflation. Malta’s inflation rate for February has been estimated at 2.2%, edging down from 2.3% in January, with food remaining as the primary contributor to upward price pressure.
Inflation for March is expected to keep going higher due to the ongoing war against Iran by Israel and the US. European gas prices are increasing and electricity prices are following as a result. Both oil and gas are climbing slowly higher.
Qatar Energy has continued shutting down more output production of its downstream services including in aluminum production. Oil production in Iraq is also being curtailed due to ongoing Iranian strikes on US military targets in Iraq with production coming down at the Rumaila oil field, the West Qurma and the Maysan fields.
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Newsroom
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