Prices of essential good rose by 6% in August including meat, vegetables

Statistics released by the Maldives Bureau of Statistics show that the cost of essential goods in the capital, Male', rose by six percent in August compared to the same month last year.

According to the Essential Consumer Price Index (ECPI), which measures changes in the average prices of basic commodities, the cost of essential goods rose by 6.26 percent in August of this year compared to August of last year. The data also recorded a month-on-month increase in the prices of goods by 1.42 percent.

The report shows that food prices increased by 5.93 percent last month compared to the corresponding period a year earlier. Meat products recorded the steepest rise, with prices increasing by 23.13 percent. Meanwhile, the prices of milk, dairy products, and eggs rose by 12.10 percent, while vegetable prices increased by 5.45 percent.

Although fruit prices declined compared to August last year, the statistics indicate that fruit prices rose by 3.50 percent compared to July this year.

Additionally, while gas and fuel prices remained unchanged on a month-on-month basis, the report noted that they were 14.54 percent higher than in August of the previous year.

With the Maldives heavily reliant on imports to meet its food security needs, the country remains particularly vulnerable to fluctuations in international markets. As a result, supply chain disruptions stemming from the conflict in the Middle East, which intensified earlier this year, have contributed to a significant increase in the cost of fuel and other commodities domestically.

With the Maldives facing total debt repayments of USD 1.1 billion this year, international financial institutions had previously projected an inflationary trend for the country in 2024.

As the conflict in the Middle East continues, concerns over further increases in prices have intensified. In its latest report, the Asian Development Bank (ADB) forecast that the cost of living in the Maldives will continue to rise during the remainder of the year.