Commodity prices see decline in January 2024

Commodity prices have declined in the first month of this year.

According to statistics released by the central bank, Maldives Monetary Authority (MMA), inflation stood at 0.6 percent in January. Compared to January 2023, this is lower by 3.1 percent from the same period last year.

In January 2023, inflation stood at 3.7 percent. This is a decrease from 1.9 percent in December 2023.

This year's budget forecasts inflation to reach 3.9 percent by the end of the year. In comparison, inflation stood at 2.6 percent at the end of 2023.

Overall inflation stood at 0.6 percent, while food inflation stood at 6 percent. This was 2.9 percent lower than last year when food inflation stood at 8.9 percent in January.

Inflation at food establishments stood at 3 percent, while inflation for fish products stood at 6.8 percent. In the healthcare sector, inflation stood at 4.2 percent.