Consumer price inflation in the Maldives remained subdued in December 2025, reflecting a stable price environment supported by declining utility costs and only modest increases in key consumption categories. The latest Consumer Price Index figures released by the Maldives Bureau of Statistics show that the all-groups CPI increased by 0.16 per cent compared to November 2025, while year-on-year inflation stood at 0.41 per cent. This outcome signals a continued easing from the higher inflation levels recorded earlier in 2025 and reinforces the country’s position of entering 2026 with relatively contained price pressures.
Food and beverages, including fish, were the main contributors to the monthly increase, rising by 1.21 per cent. Higher prices were observed for vegetables, dairy products, eggs, and selected fish varieties, influenced by seasonal patterns and supply-side dynamics. Fish prices alone rose by 1.01 per cent during December and were almost nine per cent higher than a year earlier, making them among the most significant drivers of annual inflation. Given the central role of fish in Maldivian diets and livelihoods, movements in this category carry particular importance for both households and the broader economy.
Information and communication costs increased by 0.95 per cent during the month, largely due to higher unit prices for mobile communication services. Despite this monthly rise, the category remained lower than its level in December 2024, indicating that the increase reflects short-term price adjustments rather than a sustained upward trend. This suggests that overall inflation in the communications sector continues to remain relatively well contained.
The upward movements in food and communication costs were partly offset by declines in housing, water, electricity, gas, and other fuels, which fell by 0.67 per cent in December. Lower electricity unit costs were the principal factor behind this decrease and continued to play a key role in easing overall inflationary pressures. Prices for furnishings and household equipment also declined, pointing to softer demand and price corrections in non-essential consumer goods.
Geographical price patterns showed notable variation. In Malé, overall prices edged up by only 0.04 per cent, as increases in food prices were largely counterbalanced by falling electricity costs. In contrast, prices in the atolls rose by 0.33 per cent, driven by stronger increases in food items such as vegetables, fish, and imported produce. This difference highlights the continued vulnerability of atoll markets to supply chain and transport-related costs, which can translate into sharper short-term price fluctuations.
On an annual basis, inflation remained uneven across major expenditure groups. Restaurant and accommodation services recorded a year-on-year increase of nearly five per cent, reflecting higher operating costs in the services sector and steady demand, particularly from tourism-related activity. Meanwhile, housing and utility-related costs were more than three per cent lower than a year earlier, offering meaningful relief to household budgets and helping to anchor overall inflation at low levels.
Taken together, the December figures indicate that the Maldives is maintaining a low-inflation environment, with price pressures concentrated mainly in food and certain service categories rather than being broad-based. The combination of moderate food price increases and declining utility costs suggests that inflation risks remain contained, although households in the atolls continue to face greater exposure to short-term volatility. For global observers and investors, the data reflects a macroeconomic environment characterized by relative price stability, providing a supportive backdrop for continued economic activity as the country moves into 2026.
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