The Maldives Monetary Authority (MMA) has revealed that prices in the Maldives have spiked by 4.1 percent.

The latest quarterly report released by the central bank of Maldives states that the inflation rate, or the rate at which prices increased, stood at 1.1 percent in October 2024.

The MMA report highlights that tobacco made the largest contribution to the inflation rate in November 2024, with 1.57 percentage points.

The central bank has revealed that prices have generally increased across all common services and goods. While tobacco was identified as the biggest contributor to the price increase, restaurants and cafes, fish products, fruits and vegetables, and electricity prices collectively contributed to the overall rise in prices.

Among the items that saw price decreases were air travel, mobile phone devices, major household appliances, and mobile communication services. Looking at month-to-month price changes, prices rose by 2.5 percent in November 2024.

The central bank has also noted that this is a significant change following a 0.2 percent decrease in prices in October 2024.

MMA went on to highlight that the most significant month-to-month price change was also due to the change in tobacco prices.