In a recent release report by the National Bureau of Statistics, inflations have increased in the Maldives.
The report states the inflation by the end of July 2020 has an increase of 2.81 percent. This is an increase of 2.4 percent compared to June’s 0.41 percent. However, compare to last year inflation is -1.10 percent. Which shows a huge shift in the Maldives.
Looking at the cost increase areas by the end of July specifically, the increased as below:
- Electricity: 66.67 percent
- Water: 42.86 percent
- Telecommunications: 6.27 percent
- Tobacco: 3.94 percent
- Vegetables: 1.84 percent
- Early child hood Education : 6.08 percent
- Education: 5.51 percent
- Cafe and Restaurants: 0.18 percent
- Internet: 0.66 percent
- Eggs and dairy products: 0.19 percent
Despite a the increase area several others which has decreased as shown below:
- Fruits : 4. 05 percent
- Fish: 0.93 percent
- Rent: 0.22 percent
- Meats and poultry: 1.07 percent
- Telecommunication: 12.07 percent
- Food and consumable goods: 0.61 percent
Since the growth in COVID-19 inflation is expected to even grow high compare months. It has also been reported dollars rate has also increased by 20 to 25 MVR. This has put alot of pressure on Maldivian government to cut down cost and increase revenue.