Food prices rose by 6% in 2023

The price of food and beverages rose by 6.17 percent in the Maldives last year, according to a report released by the Statistics Bureau.

The information on the Consumer Price Index (CPI) report, the CPI for all groups rose by 2.02 percent through the year to December 2023, compared to the rise of 2.13 through the year to November 2023. 

The price of food and non-alcoholic beverages rose by 1.4 percent in December 2023, compared to the previous month. The main contributor to this rise is the 32.11 percent increase in the price of onions.

• Onion: 32.11 percent
• Curry leave: 12.10 percent
• Egg: 8.60 percent
• Lime: 5.14 percent
• Potatoes: 4.72 percent
• Tuna: 4.32 percent
• Chili (githeyo mirus): 2.78 percent
• Smoked fish: 2.70 percent
• Coconut (dry nut): 2.31 percent
• Frozen chicken: 2.00 percent
• Reef fish: 1.12 percent
• Tea bags: 1.09 percent
• Milk powder: 1.04 percent
• Fish paste: 0.86 percent

According to the report, the rise was partially offset by the decrease price of some food products. Including:

• Oranges -10.62 percent
• Ginger -9.72 percent
• Apples: -2.81 percent
• Banana: -1.73 percent

In 2023, the price of fish alone rose by nine percent. In December 2023, the price of fish rose by 1.51 percent, compared to the previous month.

The report attributed this to an increase in the price of tuna, reef fish, smoked fish and fish paste.

Other groups that reported an increase in prices include insurance and financial services, and restaurant and accommodation services. Meanwhile, there was a decrease in price of information and communication services by 10.56 percent.