In the third quarter of 2024, prices surged significantly, and the inflation rate rose to 1.3 percent.

While the inflation rate was 0.3 percent in the second quarter of 2024, it is noted that the increase in inflation in the third quarter of the year was a significant rise.

According to the "Quarterly Economic Bulletin" released by the Maldives Monetary Authority (MMA) in December, one reason for the price increase was the rise in energy-related prices.

MMA noted that food prices and healthcare service costs have also surged.

Food and soft drink prices have risen noticeably as well. In the third quarter of 2024, food price inflation increased by 1.5 percent.

Highlighting the increase in prices of main food items, the central bank of Maldives’ report stated that fish product prices and vegetable prices have risen significantly.

In addition to this, it has been noted that fruit and dairy product prices have also boosted.

MMA added that one of the main reasons for the increase in fruit and vegetable prices is believed to be due to supply constraints of items such as limes, onions, and chili peppers during the quarter. While prices have amplified, the increased healthcare service costs have contributed 0.2 percentage points to the overall inflation.

The central bank has also noted that doctor consultation fees and healthcare service prices have increased.