Commodity prices vary “significantly” between retailers, reports Economic Development Ministry

Speaking yesterday evening from the President’s Office, Economic Development Minister Mahmood Razee said the statistics, which were compiled by the Department of National Planning in collaboration with his ministry, indicated that although certain prices had been found to have risen in the last few months, there was no pattern to link these costs solely to a controversial managed float of the local currency.

The opposition has maintained that demonstrations raging across Male’ this week were against the government’s decision to implement a managed float of the rufiya and are led by youth unhappy with rising commodity prices.  These claims were made despite the active involvement of dismissed opposition Deputy Leader Umar Naseer, and MPs Ilham Ahmed, Ahmed Mahlouf, Ali Waheed, and Ahmed Nihan.

However, Razee added that discussions were ongoing with the STO – a main buyer of goods to the country – to try and maintain import supplies of 27 key food items in attempts to try and keep prices stable as well as enacting a cabinet pledge to cut import duty on diesel fuel by 50 percent.