Maldives hopes “global slowdown” will bolster rufiya
30 Oct 2011, 2:46 PM
Eleanor Johnstone
Although the Maldives’ economy expanded in October, higher food and transport costs combined with the depreciating rufiyaa has bloated inflation rates to 8.3 percent, a CARE Maldives report has shown.
“Inflation during the period was mostly influenced by food index owing to the increase in prices of both fish (41.6%) and other food items (11.19%) followed by the increase in the transportation costs,” states the report.
“But this is not singular for this economy as rising prices have been witnessed across the globe,” the report contends.
Quoting a “global slowdown” in economic activity, the report suggested that international commodity prices are due to fall in coming months. The drop could temper the Maldives’ rising prices.
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