Inflation spikes by 2.9 percent in one year

Some goods stored inside MPL's warehouse.

Some goods stored inside MPL’s warehouse.

The inflation rate in the Maldives spiked by 2.9 percent within a year from January 2016 to last January, announced the National Bureau of Statistics on Wednesday.

According to the bureau’s statistics, the inflation rate had increased by 2.32 percent in the year 2016 and rose an additional 0.2 percent from last December to January 2017.

Increases in Inflation include:

  • Secondary Education – 6.25 percent
  • Oil products – 5.64 percent
  • Home rent – 0.06 percent
  • Electricity – 2.81 percent
  • Fish – 1.27 percent
  • Vegetables – 5.63 percent
  • Fruits – 3.77 percent
  • Bread – 0.21 percent.

The bureau attributed the spike in inflation of secondary education to some private schools hiking their fees at the start of the academic new year.

Meanwhile, inflation of electricity had gone up due to increases in petrol prices and fuel surcharges.

However, the statistics indicate that inflation rates had dropped for food (1.37 percent), medicine (1.01 percent), and milk, cheese and egg products (0.10 percent) last January.

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