Amid a global economic crisis as a result of increased shipping prices and the Russian invasion of Ukraine, prices are expected to continue increasing as inflation persists.
This was discussed by Finance Minister Clyde Caruana in a comment to Times of Malta, where he stated that it is too early to predict how much prices will increase and whether or not the government will affect any stabilising mechanisms.
Malta Employers’ Association director-general Joe Farrugia highlighted that prices will continue to soar as consumers face the increase in raw materials. Farrugia went on to stated that such economic pressure may continue and even deteriorate in the coming months or years due to the Russia-Ukraine crises.
This comes amid national and global concerns from employers about how much further they can absorb costs before passing them on to consumers, resulting in higher costs.
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