Everyone is feeling the pinch with rising household costs across the world. According to the Euro stats report of January 2022* Malta registered the lowest annual inflation rate of 2.6% within the EU which as a whole had an average inflation rate of 5%.
How has Malta’s inflation rate managed to keep so low you may ask yourself; this is mainly due to the Energy policy implemented by the current government. This ensures gas and electricity prices are keep at a fixed rate. Though Malta has seen increase in food prices the average rise in household costs in Malta are significantly lower compared the rest of Europe.
Many countries in Europe have suffered large energy price hikes seriously impacting every household. Take for example The Netherlands where the average household gas and electricity bill has risen from €100 per month to a staggering €175 per month. Cyprus also saw a large hike taking their household energy bills from €100 per month to €137.*
Sadly, with the current tension on the Ukraine-Russia border, energy prices could increase further.
*Sources: Eurostat, The Journal MT