アメリカMBA購入指数

アメリカMBA30年住宅ローン率

アメリカMBA住宅ローン市場指数

アメリカMBA住宅ローンアプリケーション

Malta’s annual inflation rate rose to 2.7% in August 2025 from 2.5% in each of the previous two months. The increase was driven mainly by higher prices for food and non-alcoholic beverages (4% vs 3.8% in July), furnishings, household equipment and routine household maintenance (1.7% vs 0.4%),  recreation and culture (2.4% vs 1.5%), restaurants and hotels (3.5% vs 3.1%), and miscellaneous goods and services (3.4% vs 3.2%). In addition, prices rebounded for clothing and footwear (2.7% vs -0.3%) and remained unchanged for alcoholic beverages and tobacco (2%), housing and utilities (0.7%), health (2.8%), and education (5.2%). In contrast, price growth eased for transport (3.4% vs 4.6%). On a monthly basis, consumer prices increased by 0.7% in August from 0.4% in the previous month.

Malta Inflation Rate Rises in August

The National Bank of North Macedonia kept its benchmark interest rate at 5.35% for a fifth consecutive meeting in September 2025, maintaining a cautious monetary policy stance amid steady domestic growth. Headline inflation eased to 4.4% in August from 4.8% in July, driven by basic goods and food, though risks remain from global uncertainties and commodity price volatility. GDP expanded 3.4% in Q2, the fastest pace in three years, supported by household consumption and gross investment, while net exports contributed slightly negatively. The foreign exchange market remained stable with €4.75 billion in reserves and ongoing central bank interventions. The cautious policy is reinforced by macroprudential measures, including adjustments to reserve requirements, tighter credit standards, and an increase in the countercyclical capital buffer, reflecting a balanced approach to price stability, exchange rate stability, and systemic risk mitigation.

North Macedonia Maintains Key Interest Rate at 5.35%

Euro area consumer price inflation stood at 2.0% in August 2025, slightly below a preliminary estimate of 2.1%, as energy costs declined more than initially thought. Headline inflation has now matched the European Central Bank’s 2% target for a third straight month, reinforcing expectations that monetary policy will remain steady for some time. Price dynamics were mixed across categories: unprocessed food inflation edged higher to 5.5% from 5.4% in July, while energy prices fell 2.0% after a 2.4% drop the previous month. Services inflation eased to 3.1% from 3.2%, and processed food, alcohol, and tobacco prices rose 2.6%, down slightly from 2.7%. Non-energy industrial goods inflation was unchanged at 0.8%. Core inflation, which strips out food, energy, alcohol, and tobacco, held steady at 2.3%—its lowest since January 2022.

Eurozone Inflation Revised Slightly Lower to 2%

The annual core inflation rate in the Euro Area, which excludes prices of food, energy, and tobacco, was at 2.3% for the fourth consecutive month in August of 2025, in line with the preliminary estimate and remaining slightly ahead of the initial market expectations of 2.2%. Despite remaining at the lowest level since October 2021, the lack of a slowdown could fragment opinions of monetary policy response between dovish and hawkish members of the ECB Governing Council, with rate futures showing a larger consensus that the ECB will not deliver more rate cuts this year.

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