The price of goods and services fell sharply in the first quarter (Q1) of 2024 compared to the same period last year, data from the Maldives Monetary Authority (MMA) has revealed.

Inflation stood at 2.3 percent in Q1 2023, the MMA said in its quarterly economic bulletin — the ratio fell to 0.6 percent over the same period this year.

Lower inflation was mainly attributed to lower prices in energy-related sectors as well as in accommodation services.

However, food prices rose 5.4 percent in Q1 2024, while communications prices fell. The increase in food prices was mainly attributed to a 9.9 percent increase in meat prices and a 17.2 percent spike in vegetable prices.

Prices for passenger fares and health services both rose 0.2 percent.

Energy-related service prices dropped 3.8 percent, while prices in the information communications sector declined 11.1 percent. The lower inflation in telecoms was mainly attributed to lower mobile broadband charges by service providers.

Energy prices fell by 4.1 percent; mainly attributed to the administration’s utilities ‘discount’ subsidy during the month of Ramadan — water and sewerage prices also decreased 2.5 percent due to the subsidy.

Fuel prices dropped 8.4 percent in Q1 2024 compared to the same period in 2023.