Xinhua
14 May 2022, 19:00 GMT+10
"I want to remain competitive but, at the end of the day, this is my business and my bread and butter. I have a family at home, too," said Jason Grima, who imports foodstuffs and was forced to pass on the shipping costs increase to consumers.
VALLETTA, May 14 (Xinhua) -- When mother of two Stephanie Fabri lost her job during the COVID-19 pandemic, she figured they could live off her husband's salary until she found work. Unfortunately, Stephanie now has another hurdle to face -- steep price hikes.
Her family has been living on basics for the past few weeks, eating pasta or just simply bread and butter. Her two sons, aged seven and five, are too young to understand but they don't complain about eating pasta, she joked.
"In March, our government realized that families were feeling the pinch so we all received a one-time payment of 100 euros (104 U.S. dollars), which helped a lot but it was gone far too soon," Stephanie told Xinhua.
Before the food price hikes kicked in, Stephanie's family was in for the blow that her husband, a car salesman, was told his salary would have to be reduced by 25 percent due to slowdown in the production of cars.
Many feared that Europe would take the brunt of the spillover due to its proximity to the Ukraine crisis and its reliance on Russian energy. However, with the conflict evolving and jolting markets worldwide, global consumers are also feeling the pain.
The annual rate of inflation as measured by the Harmonized Index of Consumer Prices (HICP) in Malta reached 4.5 percent in March, while the inflation rate for food and non-alcoholic beverages climbed up to 8.7 percent compared with a year ago, according to figures issued by the Maltese National Statistics Office.
The Maltese government has promised to keep the prices of electricity and fuels unchanged and is making up for the difference in the price of wheat. Even so, the price hike will constantly pinch into the pockets of more and more families.
Darren Chircop and his wife Flavia are no exceptions. "I used to spend around 100 euros a week on food, including during the pandemic, but now I'm easily spending close to 300 euros," Chircop said.
"We've cut down on going out because even restaurants put up their prices," added Flavia.
In some supermarkets, certain products like sunflower oil, a major export of Ukraine, were even bought in bulk and then re-sold at higher prices in smaller grocery stores, which forced the supermarkets to impose restrictions.
"It was not fair on our established clients. It's not because we're running out of stocks or because of the price increases. We imposed restrictions to limit people's selfishness," said a supermarket owner.
Jason Grima, who imports foodstuffs, said his company too was facing stiff increases in the cost of freight. "The cost of a container has increased fivefold so it's obvious that the price increase is passed on to the consumer," he said.
Malta, an island country in the Mediterranean, must use ships or air freight to import goods. It is thus exposed to the rising freight rates, which push up the prices of imported goods.
"I want to remain competitive but, at the end of the day, this is my business and my bread and butter. I have a family at home, too," Grima said.
Get a daily dose of Sports Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sports Sun.
More InformationABU DHABI, 3rd July, 2025 (WAM) -- The Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) and the National Basketball Association...
Washington DC [US], June 30 (ANI): Taylor Swift and Travis Kelce were recently spotted spending quality time together in New York....
Washington [US], June 29 (ANI): Justin Bieber's little bundle of joy, son Jack Blues, who is just 10 months old, seems to be already...
BEIJING, June 28 (Xinhua) -- Here are the latest Chinese sports headlines from the past week: 1. China's Wang Xinyu finishes runner-up...
ESPN's extensive programming surrounding the 2025 college football season kicks off with coverage of conference media days throughout...
ESPN today announced an update to its 2025 Sunday Night Baseball Presented by Capital One schedule. On July 20, the American League-leading...
Washington DC [US], June 30 (ANI): Taylor Swift and Travis Kelce were recently spotted spending quality time together in New York....
CHARLOTTE The latest entry in summer list season is here, and a strong group of Panthers legends got their due. But probably not...
byTommy Yarrish,Kyle Youmans,Patrik Walker&Kurt Daniels FRISCO, Texas- Football season is getting closer and closer. The Cowboys...
Teresa Varley The Steelers signed General Manager Omar Khan to a new three-year contract, keeping him with the black and gold through...
Wyatt Miller With the offseason program complete and Rams Training Camp starting up on July 22, it's time to look ahead. As part...
Ahead of the 50th season in Seahawks history, were looking at the best player in team history to wear every number. John Boyle ...