Maldives inflation rises 0.50 percent during March

Department of National Planning has revealed that the Maldives Consumer Price Index (CPI) has increased by 0.50 percent during the month of March.

The latest Consumer Price Index report published by the Department of National Planning shows that the Maldives CPI had risen by 0.50 percent in March, compared to the month of February. The rate of CPI (used as a measure of inflation) had gone down by 0.20 percent last February.

Reflecting on CPI for all groups from February and March 2012 up until February and March 2013, the index rose by 4.17 percent through the year up until March 2013, compared with 4.43 percent through the year up until February 2013.

The most significant price rises in the month of March 2013 include guest house room rates, which saw a 3.53 percent increase, construction charges, which experienced a 3.20 percent increase, fish products, which had a 2.70 percent increase, vegetables, which experienced a 1.97 percent increase and fuels and lubricants, which saw a 1.69 percent increase in CPI.

The most significant price falls recorded in the month of March 2013 were from fruits, which saw a 2.32 percent decrease, passenger transport by air, which was reduced by 1.11 percent, electricity, which experience a 0.65 percent reduction and mobile phones, which saw a 0.60 percent decrease and books, which saw a 0.27 percent decrease in CPI.

Even though the CPI reflects an increase in inflation by 0.50 percent for the month of March this year, the rate of increase in inflation is low compared to the previous increases the economy has experienced.