Price of essentials, including food, rise by 3%

The price of essential commodities in the Maldives rose by nearly three percent in December, with the biggest spike seen in the price of food products, shows the Consumer Price Index (CPI) report for the month.

The report, published by the Maldives Bureau of Statistics on Monday, shows a 2.95 percent year-on-year increase in the CPI of essential commodities in December. This was a month-on-month increase of 1.16 percent.

The biggest spike in December came from food – the price of which rose by 1.57 percent month-on-month and 3.25 percent year-on-year.

The price of beverages rose by 0.18 percent month-on-month and 2.87 percent year-on-year.

Meanwhile, the price of personal care products rose by 0.23 percent month-on-month and 3.50 percent year-on-year.

The price of gas and other fuels rose by 0.10 percent month-on-month and 1.69 percent year-on-year.

While December’s CPI increased by 0.16% MoM and 0.41% YoY, the overall ECPI increased by 1.16% MoM and 2.95% YoY.

ECPI complements CPI for monitoring welfare impacts on lower-income households as they make up a large share of everyday spending of these households. pic.twitter.com/BzZAh2fRhF

— Aysha (@ysha_is) January 26, 2026

The Maldives, a country heavily dependent on imports, continues to see an increase in inflation as it grapples with staggering debt and a US dollar crunch.

While the official exchange rate is fixed at MVR 15.42, the shortage of USD has forced many, including traders, to turn to the black market, where the exchange rate is upwards of MVR 20. Economists believe this to be one of the main reasons for the increase in price of commodities.

However, Economic Minister Mohamed Saeed has repeatedly blamed the inflation on the decision by the former administration to resort to money printing.

In September, President Dr. Mohamed Muizzu’s cabinet approved the bulk import of 23 essential food items through the State Trading Organization (STO) for sale in the Maldivian market– in a move the government said is aimed at stabilizing the food prices and boosting food security in the Maldives.

In October, the company began the sale of the shipments of these food products it imported under the new policy, which includes onion, ginger, carrots, lettuce, potato, cabbage, pumpkin, garlic, eggplant, apple, orange, bananas, lime, mango, watermelon, grapes, papaya, chili, chicken eggs, coconut, dhal, and turmeric.