Malta inflation rate above EU, Euro area average

17th June 2020

Production in construction in the euro area and the EU hits the lowest level since 1995.

The annual inflation rate in Malta last month stood at 0.9 per cent, above the average in both the euro area and the EU, according to figures released by the National Statistics Office and Eurostat.

The 0.9 per cent annual rate of inflation in May as measured by the Harmonised Index of Consumer Prices decreased when compared to April (1.1 per cent).

In contrast, the annual inflation rate in the euro area stood at 0.1 per cent in May, down from 0.3 per cent in April. The EU posted an annual inflation rate of 0.6 per cent (0.7 per cent a month before), Eurostat figures showed.

The 12-month moving average rate in Malta was 1.4 per cent in May. According to the NSO, the largest upward impact on annual inflation was measured in the food and non-alcoholic beverages index (2.4 per cent), while the largest downward impact was in the education index (-9.6 per cent).

Comparing May with the previous month, the food and non-alcoholic beverages index had the biggest impact on annual inflation (+0.38 percentage points) due to more costly milk. The education index had the highest downward impact (-0.20 per cent).

Eurostat reported that the COVID-19 containment measures continued to have a significant impact in April when the seasonally adjusted production in the construction sector fell by 14.6 per cent in the euro area and by 11.7 per cent in the EU, compared with March 2020 when production had already dropped by 15.7 per cent in the euro area and by 13.6 per cent in the EU.

Overall, production in construction in the euro area and the EU hit the lowest level recorded since the start of the series in 1995, Eurostat pointed out.

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