Consumer prices in the Maldives fell in August, with declines recorded in two main sectors, according to data released by the Maldives Bureau of Statistics (MBS).
According to data published by MBS, the country’s Consumer Price Index (CPI) decreased by 1.15 per cent in August compared with July. The decline was mainly driven by lower electricity and air transport prices. Electricity prices fell by 3.21 per cent, while air transport prices declined by 2.80 per cent. Prices of tobacco products also recorded a significant 25.45 per cent decrease.
Despite increases in the prices of some food items and services, the national CPI declined by 1.15 per cent in August compared with the previous month. However, compared with August last year, prices were 0.76 per cent higher. This indicates that while prices declined month-on-month, the overall price level remained higher year-on-year.
MBS data showed increases in the prices of several commonly purchased food items in August. Egg prices rose by 1.99 per cent, while fruit and vegetable prices increased by 1.19 per cent. Prices of fish and seafood products also increased by 0.83 per cent.
Among services, prices for communication services increased by 2.23 per cent, while guesthouse prices rose by 2.72 per cent. Prices at restaurants and other food service establishments increased by 0.68 per cent. Health services also recorded a 0.99 per cent increase.
The report also provided a comparison of consumer prices between Malé and the atolls. The CPI in Malé fell by 1.57 per cent in August compared with July, while the CPI in the atolls declined by 0.54 per cent.
The Consumer Price Index measures changes in the prices of goods and services commonly consumed by households. To measure inflation and changes in consumer prices, MBS collects prices for more than 9,500 goods and services every month across Malé and the atolls.