Malta’s Food Prices Rising, Eurozone Remains
Rising food costs in Malta have outpaced those in the Eurozone, according to figures released by the Central Bank of Malta.
Rising inflation is a major side effect of rising food and transport costs.
Figures show that the annual food price is expected to peak at 7.6%, with a projected decline of 7.1% by the end of 2022.
In a statement, the Central Bank of Malta said that Malta imports about 70% of its food. It is therefore at the mercy of developments on the international front, which include food prices, production costs, and transportation.
The numbers are undoubtedly affected by the Russo-Ukrainian conflict, moreover after Russian forces blocked Ukrainian ports, and did not allow any food exports.
Before the war, Ukraine’s main food exports were sunflower oil, wheat, barley, and corn.
Bread and cereal prices rose at an average annual rate of 9.0% during the first four months of this year, while meat prices rose at an average annual rate of 5.0% in the period January-April 2022.
Fruit and vegetable prices also rose at an average annual rate of 13.3% and 19.0% respectively during the first quarter of the year.
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