Steepest increase in prices of essential goods recorded in May

Maldives Bureau of Statistics’ data shows that prices of essential goods in Male' recorded their steepest increase in May compared to last year.

According to the Consumer Price Index (CPI), which tracks average changes in the prices of essential goods and services, prices rose by 6.35 percent in May 2026 compared to May 2025. This represents the highest annual inflation rate recorded over the past five months. Prior to May, the largest year-on-year increase had been registered in April, when prices rose by 4.4 percent. A month-on-month comparison shows that prices of goods increased by 1.14 percent in May compared to April.

A detailed breakdown of the index shows that food prices increased by 6.37 percent year-on-year, while beverage prices rose by 5.08 percent. The most significant annual increase was recorded in gas and fuel products, which surged by 14.54 percent compared to the same period last year. However, the data indicates that fuel and gas prices remained unchanged between April and May this year.

Among food categories, meat products registered the sharpest increase. Prices of poultry and beef rose by 22.61 percent compared to May last year. Meanwhile, the cost of sugar, honey and chocolate increased by 10.41 percent, while dairy products and eggs recorded an 8.48 percent rise. Coffee and coffee-related beverages also saw a significant increase, climbing by 18.58 percent year-on-year.

Prices of vegetables and fruits in the capital also continued to rise, with vegetables increasing by 3.82 percent and fruits by 7.40 percent compared to the same period last year.

Following Ramadan, a sharp increase in the price of chicken—one of the most widely consumed food items in the Maldives—was observed in April. At the time, businesses attributed the increase to delays in clearing cargo at the Male' Commercial Harbor. Traders had raised concerns over extended cargo clearance times, which resulted in numerous containers remaining stranded in other countries. However, Maldives Ports Limited (MPL) announced on Friday that the logistical issues affecting container transportation from Colombo, Sri Lanka, to Male' Port had been resolved.

The rise in prices comes as the Maldives faces debt repayment obligations totaling USD 1.1 billion this year. In April alone, the government settled debt payments amounting to USD 524.68 million. The World Bank had previously warned that substantial debt repayments could place pressure on foreign currency reserves, potentially contributing to higher commodity prices throughout the year.

The World Bank has also cautioned that regional geopolitical tensions, including those involving Iran, could negatively affect tourism while increasing import costs, ultimately placing further pressure on state revenue and the broader economy.