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In September 2023, the annual rate of inflation as measured by the HICP was 4.9 per cent, down from 5.0 per cent in August 2023

Price changes and effects on inflation
The highest annual inflation rates in September 2023 were recorded in Food and non-alcoholic beverages (9.9 per cent), and Housing, water, electricity, gas and other fuels (7.2 per cent). On the other hand, the lowest annual inflation rates were registered in Communication (-8.4 per cent) and Transport (-0.4 per cent).

In September 2023, the largest upward impact on annual inflation was registered in the Food and non-alcoholic beverages Index (+1.68 percentage points), largely due to higher prices of bakery products. The second and third largest impacts were measured in the Restaurants and hotels Index (+1.28 percentage points) and the Housing, water, electricity, gas and other fuels Index (+0.70 percentage points), mainly on account of higher prices of restaurant services and rents, respectively.

The downward impacts on annual inflation were registered in the Communication Index (-0.32 percentage points) and the Transport Index (-0.03 percentage points), mainly reflecting lower prices of mobile phone services and land transport services, respectively.

This section compares the Maltese HICP with the latest data available for the euro area. In September, the annual rate of change registered by the Maltese All-items HICP was 4.9 per cent, 0.6 percentage points higher than the 4.3 per cent registered for the euro area.

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