Maldives inflation rate down in one year

A person unloading goods to a shop at the local market. PHOTO: MOHAMED SHARUHAAN/MIHAARU

A person unloading goods to a shop at the local market. PHOTO: MOHAMED SHARUHAAN/MIHAARU

The inflation rate of the Maldives decreased by 0.63 percent over the past year, statistics show.

According to the official statistics publicised by the National Bureau of Statistics on Monday, the inflation rate in August was -0.09 percent while in July it was +0.26 percent. The rate sans prices of fish products stood at +0.24 and +0.31 for August and July respectively.

The statistics indicate that the inflation rate last August had dropped by -0.63 percent from the previous year, with an inflation of 0.37 percent in capital Male and -0.86 percent rate in the atolls during this period.

The bureau stated that changes in the inflation rate were nearly the same throughout the Maldives except for the rates of tobacco products and arecnuts, clothes and shoes, house rent, water, electricity, gas and oil, sports and culture.

The bureau attributed the overall drop in inflation across the archipelago to the transportation sector, and the rise in costs of certain materials to the education industry.

Summary of inflation rate in August

  • The inflation rate in last month had dropped by -0.63 percent from August 2015
  • Inflation had decreased generally for fish products, shoes, fats and oils, construction materials, various food products, furniture, meat, and stationery.
  • Inflation had increased generally for fruits and vegetables, house rent, eggs and milk, clothes, cosmetics, medicine, household materials and appliances.

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