In a decisive move to strengthen price regulation and ease the burden of living costs, Economic Minister Mohamed Saeed has announced the introduction of a new “Essential Commodity Price Index” — a specialized index aimed at tracking the prices of key household food items in the Maldives.
Speaking on the state-run Public Service Media (PSM)’s Raajje Miadhu program last night, Minister Saeed emphasized that since President Dr. Mohamed Muizzu’s administration assumed office, the public has consistently had access to essential food items at stable and affordable prices — especially during the past two Ramadan periods.
The Minister revealed that the National Bureau of Statistics will begin publishing this new index within the next two days. It will cover a basket of 162 essential commodities, including:
- 111 items related to food and beverages frequently consumed by households,
- 39 varieties of fruits and vegetables,
- 10 types of fish and fish products, and
- 2 energy products.
“This index will allow us to monitor real-time changes in the prices of essential items and take swift, targeted action to stabilize the market,” Minister Saeed explained, stressing that it complements ongoing efforts to curb price volatility.
Currently, the Maldives measures inflation using the Consumer Price Index (CPI), which stood at 3.76 percent as of June, according to the most recent report from the Statistics Bureau. However, the new index is expected to provide greater transparency and focus on the goods that most impact daily household spending.
The move is part of the government’s broader economic strategy to improve market efficiency, safeguard consumer welfare, and ensure economic resilience through data-driven policymaking.
