Maldives Consumer Price Index increases by 1.38%

Photo: Avas Online

The Maldives National Statistics Bureau has confirmed the island nation’s Consumer Price Index (CPI) rose to 1.38% from July 2018 to August 2018.

While the inflation increased to the aforementioned percentage from July 2018 to August 2018, the inflation increase from last year’s August until August 2018 was at 1.42 percent.

The fish group under Consumer Price Index (CPI) rose in total by 1.58% and is primarily due to the increase in prices of skipjack tuna (+3.68%) and smoked fish (+24.08%).

This increase comes after the inflation drop experienced by July 2018, where it stayed at 0.54 percent. The index for all items excluding fish increased by 1.36% in August compared to the rise of 0.13% in July 2018.

Based on the collected data and the following assessment, the statistical bureau identified vegetables as the main item to hit an inflation rate increase. Imported and on-sale vegetables in their face value had gone up by 60.81% while a significant increase in inflation was identified as fish with 1.58% jump.

Dairy products such as milk, cheese and eggs in their inflation had gone up by 1.47% while phones, fax-machines registered a 7.61 percent.

General food items imported for sale incurred an inflation rate increase of 1.75% whereas home rents (actual rentals for housing) had gone up by 0.26% while cafés and restaurants under service industry registered a 0.18% increase. Clothing and garments had a 0.24% increase by August 2018 as well.

During the month of August, the most significant price fall was from fruits with -1.89%, motorcycles with -1.03%, major household appliances to -0.87% and photographic and cinematographic equipment and optical instrument to -6.29 percent.

Meanwhile the index for the education group remained unchanged in August 2018 at (+0.00%) while looking over the twelve months until this year’s August, the education group index rose by 2.34 percent.

Looking at the CPI comparison between Male’ and the atolls, the index in total from July 2018 to August 2018 was at 1.52% for Male’ exclusively and 1.25% for the remaining atolls.

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