Malta Jan. harmonized CPI rises 2.3% yy

Malta Jan. harmonized CPI rises 2.3% yy

Malta’s Annual Inflation Rate Slows to 2.4% in December 2025

Malta’s annual inflation rate decelerated to 2.4% in December 2025, down from 2.5% in November, marking the lowest level since September 2025, according to the National Statistics Office. The decline was primarily driven by continued deflation in clothing and footwear, which fell by 3.2% year-over-year (y-o-y), worsening from a 1.7% drop in November. Communication costs also declined further, with prices falling 5.5% annually, compared to a 5% decline the prior month. Inflation softened in the hospitality sector, with restaurants and hotels seeing a 3.1% annual increase, down from 4% in November.

Despite the overall slowdown, several categories saw rising costs. Food and non-alcoholic beverages inflation accelerated to 3.7% y-o-y, up from 3.4%, while furnishings, household equipment, and maintenance rose to 2.2% from 1.2%. Transport costs also increased, reaching 2.7% y-o-y, up from 2.2% in November. On a monthly basis, consumer prices fell by 0.4% in December, reversing a 0.7% gain in November, reflecting volatile short-term price movements.

Looking ahead, analysts project Malta’s inflation rate to trend near 2.2% by the end of Q1 2026, with long-term forecasts pointing to a stabilization around 1.9% by 2027. The data underscores a gradual moderation in inflationary pressures, though persistent increases in food and energy-related categories suggest continued caution for households and businesses.

National Statistics Office, Malta: Data source.