Essential Commodity Prices Rise Further as Vegetable Costs Jump 21%, Stat Shows

Prices of essential commodities in Malé continued to increase in June, with vegetable prices recording the sharpest monthly rise, according to the latest figures released by the Maldives Bureau of Statistics (MBS).

The Bureau’s Essential Consumer Price Index (ECPI), which tracks changes in the average prices of essential goods, showed that the cost of living continued to rise during the month.

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According to the data, essential commodity prices increased by 8.04 percent in June compared with the same month last year. On a monthly basis, prices rose by 2.17 percent compared with May.

The latest figures indicate a faster rate of increase than in May, when annual essential commodity prices were up by 6.35 percent. That had marked the first significant year-on-year increase recorded in five months.

Food prices rose by 8.60 percent compared with June last year, while beverage prices increased by 5.49 percent.

Fuel and gas prices remained unchanged from May but were 14.54 percent higher than in June last year.

Among food categories, vegetables recorded the largest monthly increase, with prices rising by 20.86 percent compared with May. On an annual basis, vegetable prices were up by 22.44 percent. Meat prices also increased significantly, rising by 21.13 percent compared with June last year.

The Maldives relies heavily on imported food, making domestic prices vulnerable to changes in international markets. Ongoing disruptions to global supply chains linked to conflict in the Middle East have contributed to higher fuel and commodity prices.

The Maldives is also due to repay around USD 1.1 billion in debt this year, while international financial institutions have previously projected continued inflationary pressures on the economy.

The Asian Development Bank (ADB) has also forecast that prices in the Maldives are expected to continue rising during the remainder of the year amid ongoing uncertainty in global markets.