Issue link: https://maltatoday.uberflip.com/i/1487971
7 NEWS maltatoday | SUNDAY • 11 DECEMBER 2022 Get in touch | bovassetmanagement.com | @bovofficial The value of the investment can go down as well as up. Any ini al charges and exit fees that may apply may lower the amount invested and the amount received upon redemp ons. Investments should be based on the full details of the Prospectus, Offering Supplement and the Key Investor Informa on Document which may be obtained from BOV Asset Management Limited, Bank of Valle a p.l.c. Branches/Investment Centres and other Licensed Financial Intermediaries. The investments underlying these financial products do not take into account the EU criteria for environmentally sustainable economic ac vi es. BOV Asset Management Limited is licensed to provide Investment Services in Malta by the MFSA. The Vilhena Funds SICAV p.l.c. is licensed by the MFSA and qualifies as a UCITS. The BOV Investment Funds is a common contractual fund licensed by the MFSA as a collec ve investment scheme pursuant to the Investment Services Act and the UCITS Direc ve. Issued by BOV Asset Management Limited, 58, Zachary Street, Valle a, VLT 1130, Malta. Tel: 21227311, Email: infoassetmanagement@bov.com, Website: www.bovassetmanagement.com. Source: BOV Asset Management Limited. READY STEADY «INVEST» Monthly Investment Plan from only €50 NICOLE MEILAK COMMERCIAL activity is ex- pected to be strong over the fes- tive period despite being the pric- iest Christmas in recent years. Marisa Xuereb, President of the Malta Chamber of Commerce, told MaltaToday that business will be buoyant during the first Christmas since 2019 without COVID-19 restrictions. This despite that pre-Christ- mas prices are up 9% since 2019. October's inflation index shows prices for the season are at their highest. "National inflation statistics show that prices have increased significantly year-on-year," Xuer- eb said. "The cost of services has also increased significantly over the same period." Xuereb said this is down to sal- ary increases in certain sectors, "which means that the purchas- ing power of some consumers is keeping up". Nonetheless, she noted that this is the first unrestricted Christ- mas since 2019. "People are eager to party and celebrate Christmas as they were used to doing before the pandemic. So business is gen- erally upbeat." In 2020, social distancing meas- ures in restaurants and catering establishments were in force while bars and każini were forced to close up during the Christmas period. Then in 2021, the COV- ID-19 Omicron variant meant that medical masks had to be worn in all public places, open and closed, throughout Decem- ber. "Some pockets of retail may be feeling the brunt of the perma- nently increasing trend of on- line shopping and that of people saving their shopping budget for when they travel," Xuereb said. Indeed, an EY Global Future Consumer Index report showed that consumers are foreseeing a worse outlook, meaning they will likely cut back on discretionary spending, gifts, and celebrato- ry food and drink. Retailers and brands will have to throw their efforts into their marketing strat- egies to win spend at a time of re- duced demand and higher com- petition. "But commercial activity is still expected to be strong overall, though with some shifts in con- sumption patterns that reflect changing priorities and lifestyles," Xuereb said. Foodstuff prices are still seeing the higher increases among the basket of goods, mainly refined oils, vegetables, sugar and pasta. But anyone looking to buy their loved ones some clothing for the Christmas period could sense an increase in prices there too. Men's outerwear prices increased by 13% across the years for the October period – the highest in- crease in the clothing category. In comparison, women's outerwear increased by 6% across the same period. Dry cleaning services increased by a similar 6%, while men's footwear prices increased by 4%. The only price decreases since 2019 in the clothing category were in men's underwear and children's footwear. Prices for women's footwear decreased during the pandemic but has since risen back to 2019 levels. For those seeking a quick hair makeover before the Christmas parties begin, prices are up 15% since 2019 on hairdressing and personal grooming services. The prices of make-up, hygienic articles and toilet preparations are also up 7% since the same year. But those buying gifts for younger ones are in luck, as toy prices have risen by a marginal 0.5% since the last pre-pandem- ic Christmas. Entertainment and cultural visits also dropped by 1% in October compared to 2019. Meanwhile, green-thumbed shoppers looking to buy some plants and flowers for the festive season faced October prices that are 6% above 2019 levels. At the same time, the prices of jewellery, watches and clocks are up 12%. Christmas set to remain buoyant even as prices up 9%