Statistics reveal that the average cost of essential consumer goods has surged by eight percent.
According to the Essential Commodities Price Index released by the Statistics Bureau, gas and fuel saw the biggest price hikes over the past year. The costs of food, beverages, and personal care products have also trended upward.
Price increases by key category
- Gas: 14.5 percent
- Food: 8.6 percent
- Soft drinks and other beverages: 5.4 percent
- Personal care products: 3.16 percent
The data further indicates that, excluding fuel and gas, prices for other essential items continued to rise in June. This includes a 2.85 percent increase in food, 0.6 percent in beverages, and 0.1 percent in personal care products.
A detailed look at food prices in June shows that vegetables experienced the sharpest spike, rising by 20.8 percent. Vegetables also represent the essential commodity with the highest year-on-year price increase.
As inflation climbs and the cost of living rises, the Maldivian economy remains in a fragile state. The value of the Maldivian Rufiyaa has plummeted, with the exchange rate reaching MVR 21.05 per US Dollar. This marks the lowest valuation of the Rufiyaa in the country's history.
