The Minister of Economic Development and Trade Mohamed Saeed has set the record straight about rising cost of goods.
His response comes hot in the heels of several rumors of price hikes in consumer items across the Maldives.
The primary political opposition of the Maldives had earlier announced decisions to hold a protest on August 12, 2026 regarding inflation.
In response to this, the Minister posted a video on social media where he made jabs at the political opposition. Saeed went on to compare fuel prices in foreign countries with those in the Maldives during this period when oil prices have surged globally owing to the war in the Middle East.
Accordingly, Saeed noted that while a liter of petrol currently stands at MVR 16.01 in the Maldives, a liter of the same in Singapore costs MVR 40.09 and MVR 18.08, whereas it is at MVR 14.07 (moderately lower) in Dubai.
Saeed mentioned that although the political opposition claimed price of infant milk powder to have shot up, a 300 gram tin of Lactogen, a major brand imported into the Maldives by MHA, is currently available at just MVR 130.
Responding to beef price surges, Saeed explained that there are different varieties of meet, and said that prices may vary depending on the quality or the way meat is cut and country of origin. He also added that beef commonly consumed by the public differs from such premium varities.
In light of these rumors, Saeed said that the government is making extensive efforts to improve the Maldivian economy.