Saeed says recent commodity price increases are the result of the previous government printing money

Economic Minister Mohamed Saeed said Monday that the recent rise in commodity prices is a direct result of the previous administration’s decision to print money.

Speaking on the second episode of government spokesperson’s podcast With the Spokesperson, host Heena Waleed noted that many people have expressed concern over sharp price increases in commonly used items such as milk powder over the past two years.

Before Heena finished her question, Saeed responded that it was “a lie” to claim prices had risen under the current administration. He said he reviewed headlines from 2019 to 2023, during the last MDP government, which repeatedly warned of rising commodity prices.

“Those headlines were based on statements by the then Finance Minister Ameer, Economic Minister Fayyaz, and the President. They all said the price of oranges or such and such could go up the next month,” he said.

Saeed said those who are now criticising price movements are ignoring their own past statements. He reiterated that the rise in prices stems from the previous government’s decision to print money during the COVID‑19 economic slowdown.

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— Heena Waleed (@MvSpokesperson) January 5, 2026

He said he had “pleaded” in Parliament at the time not to print money and had attempted to meet then‑Governor Ali Hashim three times to raise his concerns.

According to Saeed, the current President does not wish to ignore inflation or pretend that specific items are not becoming more expensive, but instead chooses to address economic challenges directly.

“Today’s President does not want a particular item to become expensive, nor pretend like the government does not see it,” Saeed said.

He also highlighted the government’s decision to import fruits and vegetables through STO to stabilise prices. STO was awarded the contract on September 10 to import 23 varieties of produce, and began selling them on October 15.

The items include onions, carrots, pumpkins, apples and oranges, and STO has assured continuous supply. The company said prices are set based on market rates and will be adjusted accordingly, with updates available through the Agu Magu portal.