Finance Minister Ibrahim Ameer says the cost of goods could further increase this year.
Speaking at the press conference held today, the Minister said that food items would become the most costly in the Maldives this year.
Minister Ameer said that the reasons for the rise in food items include the COVID-19 pandemic and the Russian invasion of Ukraine which in turn caused the hike in food costs in the global market.
He noted that fluctuations in the global economy would also cause ripples in the Maldivian economy.
Minister Ameer added that the measures taken by the government during the COVID pandemic had made the Maldivian economy one of the fastest-growing economies in the world.
Currently, the cost of goods has risen 28 percent in the Maldives this year.
The latest statistics by the Central Bank MMA showed that the cost of fuel, food as well as travel has all increased over the last few weeks.
