Press Release: More consumers shopping during Black Friday but average spend lower
26 November 2022
This Black Friday is the closest one to pre-Covid levels with shoppers flocking the streets...
The latest Harmonised Index of Consumer Prices (HICP) shows Malta's inflation running at a very high 4.1 %.
It's risible how the media swallows the bait of NSO's silly emphasis that our inflation increase is among the lowest. Wow betides if it were among the highest as we would have surpassed the 5% mark, facing a crisis.
4.1% may be indicative of stagflation. The economy is not growing in real terms, sales are down and therefore there is no demand-pull inflation caused by too much money chasing too few things; on the property front it is also negative inflation. So the cause of inflation is cost push.
Business is suffering as entrepreneurs are biting the bullet and mitigating increased costs by sacrificing operational surpluses. It is a double whammy that can't be suffered for too long; loss of profits and increased costs.
If you had the money it is not worth keeping it as the banks pay less than the rate of inflation. Yet many are not spending. It seems that they don't have it!
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).