Finance Minister Ibrahim Ameer has stated that inflation will increase further during the current year.

Speaking during a press conference at the President's Office, the Minister noted that even though the Covid-19 pandemic is slowly coming under control, the new challenges in light of recent global events are expected to slow down economic growth globally.

Global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than 4.1 percent that was anticipated in January. It is expected to hover around that pace over 2023-24.

The Minister highlighted that the Russia-Ukraine war, covid-related lockdowns, supply-chain disruptions, and the increase in prices on oil and produce are among the biggest challenges that the global economy faces today.

Minister Ameer stated that in light of these events, the rate of inflation had been high during the first four months in the Maldives, with prices of food increasing the most.

He predicted that there will be changes to prices within the upcoming months of 2022 as prices of commodities are increasing in the global market.