Malta has one of the highest proportion of refugees and asylum seekers in Europe relative to its population (1.5% of population in June 2015) (UNHCR 2016, CIA 2016). Projected figures indicate a continued decline in 2015 (World Bank 2016a). In general, inflation in small states has been on a downward trajectory since the end of the commodity boom of 2011, in tandem with global inflation.