Inflation in the Maldives slowed slightly in July, with the Consumer Price Index (CPI) for all groups rising by 3.97 percent compared to the same month last year. This marks a small decline from the 4.04 percent annual increase recorded in June, according to data released by the Maldives Bureau of Statistics.
On a month-to-month basis, overall prices inched up by just 0.02 percent in July, reflecting weaker price pressures compared to the 0.24 percent increase seen in June. Excluding fish, the index slipped by 0.01 percent.
Food and beverages were the main drivers of monthly inflation, climbing 0.25 percent. The largest increases were seen in apples, carrots, oranges, onions, eggs, lettuce and watermelon, alongside reef fish which pushed the fish category up 0.55 percent. Tobacco and areca nuts also saw a 0.23 percent increase, led by higher areca nut and killi prices.
Transport and communication provided relief, falling 0.42 percent and 0.35 percent respectively. The decline was driven by cheaper international airfare, petrol, mobile phone services and flat-screen televisions. Clothing and footwear also edged down by 0.19 percent, while housing, water, electricity, gas and other fuels fell by 0.02 percent, largely due to lower construction material costs.
The largest individual item price hike in July was in vegetables, up 2.35 percent, while the steepest drop was in fruit, down 1.12 percent.
Regionally, the atolls recorded stronger inflation than the capital. CPI in the atolls rose 4.80 percent annually, compared to 3.44 percent in Malé. The tobacco and areca nuts group remained the biggest upward contributor in both regions, with prices rising over 100 percent year-on-year, while information and communication continued to drag prices down.
The Bureau noted that the base period for the current index is November 2022. The July report was published on 25 August.
