Inflation rose to 4.80 percent due to an increase in the price of cigarettes and tobacco as a result of higher taxes.
This is the sharpest rise in commodity prices in the last four years. But according to the Maldives Bureau of Statistics, the main reason for inflation is the increase in the price of cigarettes.
In 2024, commodity prices continued to increase gradually with the highest price increase in cigarettes and restaurants in December.
Compared to November, cigarette prices rose 10 percent in December while restaurant prices rose 8.90 percent. Prices of vegetables, fruits and electronic appliances also increased.
Maldives Bureau of Statistics said the high cigarette prices contributed to the price hikes in restaurants. But coffee prices rose 1.90 percent and areca nuts and betel leaves prices rose 3.05 percent.
Inflation rose to 4.80 percent in 2024 with the biggest increase in cigarette prices. However, inflation in fish products was 7.6 percent while inflation in health services was 4.2 percent.
According to the figures, the biggest drop was in communications. Communications prices fell 3.73 percent. The prices of electricity fell by 2.28 percent and water by 0.69 percent.
