Maldives Monetary Authority (MMA) has stated that the rent prices of properties in the Maldives are increasing consistently, after being reduced due to the spread of COVID-19.
According to the Economic bulletin released by MMA for the first quarter of this year, there was an increase of 0.6% in rent prices by the end of March.
According to the central bank, this is the third consecutive quarter of the increase in rent prices, adding that although the rent price has decreased due to the COVID-19 pandemic, the rent price has been increasing since then.
In addition to rent prices, MMA stated that there has been a increase in inflation rates in fish products, petrol, food products and medicines.
MMA expects the inflation rate of Maldives to rise significantly this year. This is mainly due to the rise in global oil prices as a result of the Russia-Ukraine war.
MMA said that inflation for next year will be based on changes in the price of oil and food in the international market and the Government’s taxes and subsidies.