Consumer inflation of Maldives rises by 2.81 percent in July

Photo: State Trading Organization

Malé, Maldives — According to statistics revealed by National Bureau on August 31, the Consumer Price Index (CPI) had risen by 2.81 percent at the end of July, compared to a fall of –0.41 percent in June.

The published statistics shows that the most significant increase in prices were for electricity at an upwards of 66 percent and water supply at 42.86 percent.

Including all, an increase of 11.96 was observed in the category for housing, water, electricity, gas and other fuels.

A significant decrease in the price were noted from fruit at -4.50 percent and fixed communication services at -12.07 percent.

The statistics revealed also showed that the CPI rose at all group levels in the capital city of Male’ by 2.84 percent and fell in the atolls by 2.79 percent in July 2020.

The Maldivian government overall foresees a shortfall of approximately USD 450 million (MVR 6.9 billion) in foreign currency and a state deficit of MVR 13 billion in 2020 due to the impact of the ongoing pandemic Covid-19 on the tourism industry, and subsequently the economy.