Inflation Malta 2023
Average inflation: 5.1%
Current Inflation
Inflation is very high at 5.1%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 7.1%. The lowest inflation was in November at 3.6%.
- Highest month
- February: 7.1%
- Lowest month
- November: 3.6%
- Difference
- 3.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 9.6%. The lowest price increase was in Energy with an average of 0.0%.
- Highest increase
- Food: 9.6%
- Lowest increase
- Energy: 0.0%
Historical Context
Current inflation is 2.1% higher than the 5-year average of 3.0%.
- 5-year average
- 3%
- 10-year average
- 1.9%
- All-time high (2022)
- 6.1%
- All-time low (2014)
- 0.3%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -1.0 percentage point.
- Change vs. previous year
- -1.0 percentage points
- Largest monthly swing
- December: -3.8 percentage points
ECB Target
Inflation is 3.1% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €105.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 6.9% | +3.0 |
| February | 7.1% | +2.9 |
| March | 7.0% | +2.6 |
| April | 5.8% | +0.1 |
| May | 5.7% | -0.3 |
| June | 5.4% | -0.8 |
| July | 4.7% | -2.1 |
| August | 4.0% | -3.0 |
| September | 4.1% | -3.4 |
| October | 3.7% | -3.8 |
| November | 3.6% | -3.5 |
| December | 3.6% | -3.8 |
| Average | 5.1% |
Data source
Data from WorldBank. Last updated: 06/01/2026.