National Bureau of Statistics, on August 31, revealed that the Consumer Price Index (CPI) had risen by 2.81 percent at the end of July, compared to a fall of –0.41 percent in June.
According to the published statistics, the most significant increase in prices were noted for electricity at an upwards of 66 percent and water supply at 42.86 percent.
In total, an 11.96 percent increase was observed in the category for housing, water, electricity, gas and other fuels.
Moreover, significant price decreases were noted from fruit at -4.50 percent and fixed communication services at -12.07 percent.
The statistics also highlighted that the CPI rose at all group levels in the capital city of Male' by 2.84 percent and fell in the atolls by 2.79 percent in July 2020.
- Housing, Water, Electricity, Gas and other fuels: 11.96 percent
- Tobacco and Areca nut: 3.27 percent
- Information and Communication: 3.03 percent
- Education Services: 0.76 percent
- Restaurant and Accommodation Services: 0.17 percent
As with numerous countries around the world, amid the ongoing COVID-19 pandemic, Maldives closed its air and sea borders to tourist arrivals on March 27, halting the issuance of on-arrival visas. The closure of borders remained in place until June 15.
Heavily reliant on tourism for revenue, the restrictions on international travel left the country vulnerable to severe economic impacts.
Overall, the Maldivian government estimates a shortfall of approximately USD 450 million (MVR 6.9 billion) in foreign currency and a state deficit of MVR 13 billion in 2020 as a result of the pandemic's impact on the tourism industry, and subsequently the economy.
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