The rate of inflation on all food goods increased during the first three months of 2023.
According to Maldives Bureau of Statistics, the consumer price index (CPI) on all food groups increased by 6% in March which is a 70% increment compared to the same month last year. The CPI on all food groups in March 2022 stood at 2.5%.
The highest price inflation in food items were observed in lemon, carrot, coconut, orange, and fish. While food and non-alcoholic beverages observed a 1.01% increment during March 2023. From February 2023, fish prices increased by 1.28%.
Statistics further confirm that the Maldives inflation rate rose to 4.6% in March, which is the highest it has reached over the past four years. Maldives inflation rate was at 3.5% by the end of 2022, indicating a 1.1% increase so far in 2023.
International Monetary Fund (IMF) has reported that the overall global inflation rate is maintained at 7% while the inflation rate in many developing nations is on average at 8.6%.
Many international financial bodies claim that the prices on all consumer goods are likely to rise in the near future owing to the increment in global oil prices.