According to recent data from the Maldives Monetary Authority (MMA), the monthly inflation rate in Male dropped to -1.1% in April—inflation for the first quarter of 2024 stands at an average of 0.7%.
In Male, the monthly inflation rate declined from January to April 2024. It started at 0.9% in January, rose to 1.1% in February, dropped to -0.2% in March, and increased to -1.1% in April, bringing the inflation for the first quarter of 2024 to an average of 0.7%.
The Consumer Price Index (CPI) for Male’ followed a similar trend. It was 102.09 in January, slightly increased to 102.69 in February, declined to 101.86 in March, and fell to 101.10 in April.
The atolls showed a similar pattern. The inflation rate started at 1.2% in January, increased to 1.3% in February, decreased to -0.3% in March, and dropped to -1.2% in April. The CPI for the atolls started at 102.74 in January, rose to 103.00 in February, and fell to 101.96 in March and 101.17 in April.
The MMA’s report also highlighted a surge in tourism and related economic activities in the Maldives in the first four months of 2024. Tourist arrivals increased significantly, with 772,000 visitors from January to April 2024, up from 688,000 during the same period in 2023. This influx contributed to 5,449,000 bed nights, an increase from 5,031,000 in the first four months of the previous year.
The average stay slightly decreased from 7.9 days in 2023 to 7.8 days in 2024, while resort occupancy for 1Q2024 rose to 72.7% from 69.5% in 2023.
Additionally, the number of international flights to the Maldives has increased. Five thousand nine hundred eighty-two flights arrived at Velana International Airport (VIA) in the first four months of 2024, compared to 5,841 flights in the same period in 2023.
