The national Consumer Price Index (CPI) turned negative on April 2020.
According to the Monthly Economic Update from Maldives Monetary Authority (MMA), the CPI took a nosedive into negative territory hitting -3.6%.
Moreover, the CPI reports a barely positive percentile in March at just 0.002%.
However, right after Greater Male’ Region went under complete lockdown in 15 April economic drive slowed down further.
Earlier, Maldives government placed restrictions on international travel on 27 March, dropping tourist arrival numbers.
Subsequently, this catalyzed a steeper decline curve for Maldivian economy.
As per MMA, the monthly percentage change in the national CPI declined further to -3.2% in April.
Moreover, major CPI contributory categories saw weak percentiles which includes vegetables at 0.8% points, electricity at -1.9% points.