Malta’s annual inflation rate, as measured by the Harmonised Index of Consumer Prices (HICP), stood at 2.3 per cent in February 2026, maintaining the same rate recorded in January, according to the latest data published by the National Statistics Office (NSO) .

On a monthly basis, prices rose by 0.4 per cent, indicating a modest uptick in consumer costs compared to the previous month.

Education and recreation register highest increases

The strongest annual price increases were recorded in:

• Education services (+4.4 per cent)
• Recreation, sport and culture (+4.1 per cent)

Other notable contributors included:

• Personal care and miscellaneous goods and services (+3.9 per cent)
• Restaurants and accommodation services (+3.6 per cent)
• Food and non-alcoholic beverages (+3.5 per cent)

These categories continue to exert upward pressure on overall inflation, reflecting both domestic demand trends and cost pass-through effects in service-oriented sectors.

In contrast, some categories recorded negative annual inflation rates:

• Information and communication (-4.1 per cent)
• Clothing and footwear (-2.1 per cent)
• Insurance and financial services (-1.1 per cent)

These declines helped offset broader price increases, contributing to the overall stable inflation figure.

Food and services remain key inflation drivers

Food prices remain a significant contributor to inflation, alongside housing-related costs and hospitality services. Restaurants and accommodation alone recorded a monthly increase of 1.7 per cent, one of the highest among all divisions .

Meanwhile, housing, water, electricity and gas prices rose by 1.7 per cent annually, continuing to reflect underlying cost pressures in utilities and energy-related components.

Compared to the euro area, Malta’s inflation rate remains slightly higher. In February 2026, Malta’s HICP rate exceeded the euro area average by approximately 0.6 percentage points .

A broader look at inflation trends shows a stabilisation compared to previous years. The 12-month moving average stood at 2.5 per cent in February 2026, suggesting that while price growth persists, it is moderating relative to earlier peaks.

February’s HICP figures suggest a slight shift from the trends observed in January. While overall inflation edged down to 2.3 per cent, compared to the 2.5 per cent recorded under the RPI in January, price pressures appear to be broadening beyond food-related categories.

In particular, education and recreation emerged as the main drivers of inflation in February, while food inflation remained elevated but slightly less dominant. At the same time, the continued decline in clothing prices and negative inflation in communication services indicate that some of the same moderating factors seen in January are still at play, helping to contain overall price growth despite persistent increases in key service sectors.