The euro zone’s annual inflation rate was 8.9% in July 2022, down from 8.6% in June, according to a new Eurostat survey.
A year earlier, the rate was only 2.2%.
These statistics come as many people in Malta are feeling the economic pinch, between rising prices, stagnating wages and several world events, from the COVID-19 pandemic to the Russian invasion of Ukraine, which has taken hold. are problematic for the global economy.
Interestingly, Malta was among the EU Member States with the lowest annual inflation rate.
Malta and France both recorded a rate of 6.8% while Finland’s was just over 8%. The highest annual rates were recorded in Estonia (23.2%), Latvia (21.3%) and Lithuania (20.9%).
Compared with June, annual inflation fell in six Member States, remained stable in three and rose in eighteen.
In July, the highest contribution to the annual inflation rate in the euro zone came from energy (+4.02%), followed by food, alcohol and tobacco (+2.08%), services (+1.60%) and industrial goods excluding energy (+1.16%). ).
The survey was carried out by comparing the evolution of the annual level of prices of consumer goods and services between the current month and the same month of the previous year.
Monthly inflation is the change in price level between the current month and the previous month.
Inflation has become such a serious problem among locals that Facebook groups have been created, where individuals praise affordable outlets and restaurants, and shame those who they believe , charge too much.
Due to this new interest, some small restaurants have even gone viral due to their large portions and cheap prices.
Have you felt the price change over the past year?