The price of a cement bag has climbed to over MVR 250 as the country faces a severe shortage of the building material.
Before the US-Israel strikes against Iran which led to the closure of the Strait of Hormuz, a cement bag was sold for MVR 90 and MVR 100.
However, the ongoing war has caused a major shortage with big companies running out of stock, including the State Trading Organisation (STO) and Apollo. Currently, cement is only available from Villa.
Villa sells a cement bag for MVR 254 and MVR 237 at its Hulhumale' branch. This is an increase of 154 percent and 137 percent.
Adhadhu understands that STO and Apollo were importing cement from the Middle East, while Villa imports cement from Indonesia. Each of these companies imported about 15,000 tonnes of cement per month.
Some businessmen told Adhadhu that they were also facing a metal shortage. They said the prices of all goods needed by the construction industry have risen by about 30 percent.
They also expressed concern about the delays in clearing cargo containers at the Male' commercial port.
After tourism, the construction industry and fisheries are the two largest contributors to the economy. The construction industry accounts for 5.5 percent of the GDP.
Prices of petrol, diesel, food, transportation and cargo fees have also risen, mainly after the government's increase in oil prices.
Fuel Supply Maldives (FSM) increased the prices, with the exception of the fuel sold at petrol stations. Petrol prices have risen by 100 percent, while diesel has gone up by 103 percent.
While the war in the Middle East is causing commodity prices to rise, President Mohamed Muizzu has continued to claim that the war will not have much impact on Maldivians.
At a press conference on March 2, Muizzu said he had no concerns and that the economy was strong.
