Maldives consumer prices fall monthly despite rising transport and food costs

The Maldives experienced a 1.15 percent decline in consumer prices in August compared to July, according to the Maldives Bureau of Statistics. This monthly decrease was driven by a 3.21 percent drop in electricity prices, a 2.80 percent decline in airfares, and a 25.45 percent fall in tobacco product prices.

Despite the monthly decline, year-on-year data shows prices remained 0.76 percent higher than in August of the previous year. Significant year-on-year increases were noted in transport costs, which rose by 8.06 percent, and food and beverage prices, which surged by 5.69 percent.

Specific food price fluctuations included sharp increases in carrots (16.75 percent), oranges (11.62 percent), and watermelon (9.58 percent), alongside a 5.65 percent rise in tuna prices compared to the previous month. Conversely, onion and lime prices saw decreases. The Asian Development Bank projects Maldives inflation will rise by 2.2 percent this year and 2 percent next year.