“In 2023, Maldives witnessed a significant uptick in food and beverage prices, with a notable 6.17% increase, as reported by the Statistics Bureau. This surge contributes to the broader inflation trend in the country, as highlighted in the Consumer Price Index (CPI) report. The overall CPI for all categories rose by 2.02% by the end of December 2023, slightly lower than the 2.13% increase reported in November of the same year.
The report highlights a considerable rise in the prices of key food items in December 2023 compared to the previous month. Notably, onions saw a steep increase of 32.11%, playing a significant role in the 1.4% overall rise in food and non-alcoholic beverage prices. Other items experiencing price hikes include curry leaves, eggs, limes, potatoes, tuna, chilli, smoked fish, dry coconuts, frozen chicken, reef fish, tea bags, milk powder, and fish paste.
However, the overall increase in food prices was balanced by a decrease in the prices of certain items. Oranges, for instance, witnessed a notable price drop of 10.62%. Other products becoming more affordable include ginger, apples, and bananas.
The report specifically examines the price of fish, a staple in the Maldivian diet, which increased by nine percent in 2023. In December 2023 alone, fish prices rose by 1.51% compared to the previous month, attributed mainly to higher prices of tuna, reef fish, smoked fish, and fish paste.
The report extends its focus to other sectors, noting an increase in prices for insurance and financial services, as well as restaurant and accommodation services. Conversely, the price of information and communication services decreased by 10.56%.
This CPI report offers crucial insights into the shifting cost of living in the Maldives, reflecting the dynamic market and various factors influencing consumer prices. The data proves valuable for both consumers and policymakers, aiding in understanding economic trends and making well-informed decisions.”
