Message by the Minister
Hon. Silvio Schembri
“During the last few years, our country and the world at large have faced unprecedented challenges. First it was the pandemic and then the ongoing conflicts on Europe’s periphery. These have led to major economic repercussions, including an increase in the prices of a number of essentials, such as in the price of fuel.
As a Government, especially during such challenging times, we have always supported families and businesses. We did this during the pandemic by means of the wage supplement and the vouchers, among other measures. We were there for families and businesses once again when we introduced the subsidies on electricity and water bills. For this year alone, the cost to cover this will be that of €350 million. This in addition to the aid provided to local producers through subsidies on the prices of wheat and cereals.
However, inflation, especially on imported food products, is still being felt, therefore in collaboration with industry, we worked to stabilise and lower the prices of 15 categories of food over the coming months.
These products are among the most consumed products by families. These products will be sold at a stable and lower price till when the budget is announced in October this year. Eurostat statistics are indicating that inflation would have eased by then.
In fact, in several parts of Europe, we are already seeing the prices of certain products decrease, but being an island country and due to insularity, this effect takes longer to actually be felt.
We are once again serving as a bridge between industry and the consumer, same as we did a few years ago during the pandemic.We do believe that this agreement between importers and the main retailers that sell these food products, will make a difference in people’s lives.
This agreement is also open to grocery stores so that this benefit can be enjoyed by a larger part of the population.We believe in a fair society where everyone stands to benefit from economic successes.”
Stabbiltà Initiative
In response to the international economic crisis, the government is actively implementing measures, including subsidies on energy, fuel prices, and assistance for grains, flour, and cereals. Moreover, the Ministry for the Economy, Enterprise, and Strategic Projects, representing the Maltese Government, has successfully negotiated an agreement with major food importers and retailers to tackle the price fluctuations in food triggered by global economic uncertainty.
This collaborative effort, established after extensive discussions, aims to reduce the Recommended Retail Price (RRP) based on October 2023 rates, of fifteen essential food item categories by a minimum of 15%. The adjustment in the final consumer price (shelf price) takes effect from February 1, 2024, ensuring price stability in essential food items until the end of 2024.
Recent research indicates that the essential foods covered in this initiative are the most consumed items in the population, encompassing a list of over 400 products from various brands. Participating retail stores and items will prominently display the Stabbiltà logo.
Main Parties
