VALLETTA, Jan. 18 (Xinhua) -- The government of Malta on Thursday signed agreements with importers and retailers to cut the prices of around 400 of the most-consumed food items by at least 15 percent.
Prime Minister Robert Abela and Minister for Economy Silvio Schembri said the agreement will stabilize food prices for families.
Abela told a press conference that the agreement aims to stabilize the prices of 15 essential food categories, guaranteeing that the price of around 400 products will not rise by the time the government announces the 2025 budget in October.
The agreement will come into force from Feb. 1. The products from the chosen 15 food categories include spaghetti and penne, corned beef, tuna in vegetable or soya oil, fresh and frozen pork chops and chicken legs, tea and instant coffee, frozen peas, broccoli and spinach, straight-cut frozen friable French fries and long-life milk.
The initiative was a boost to the purchasing power of families, the prime minister said.
Besides food prices, the government has also been making efforts to stabilize energy prices with subsidies, Abela added.
Small stores, which do not benefit from economies of scale and do not have a sales turnover of more than 800,000 euros a year, will be given 125 euros per month by the government to make up for the reduction in profits.
More than 200 shops have so far agreed to participate in the scheme, with this number expected to grow. ■