Depending on your home country and your definition of “cheap”, the best way to describe Malta in that sense is “good value”, not cheap. A few examples:
A Heineken beer in a supermarket: €0.90-€1.00
Good rib-eye in a decent restaurant: €20-25
A bottle of Smirnoff: €11
Mixer drink in a bar in Paceville: €2.50
A taxi ride from the airport to most localities in Malta: €20
A bus ticket for a single trip (max 2h): €2.00 (cheaper with a public transport card: €0.75. 7-Day card (unlimited travel): €21.