Cigarette prices in the Maldives saw a significant increase of 98.12 percent in November, following the government’s decision to double taxes on tobacco as part of amendments to the Tobacco Control Act.
According to the National Bureau of Statistics' Consumer Price Index, the prices of goods and services across the country rose by 4.05 percent in November compared to the same period last year. Cigarettes were among the most affected commodities, with sharp price hikes reported.
The price surge has also impacted other sectors. Prices at cafes and restaurants increased by 15.81 percent, while sea fares rose by 5.13 percent, indicating the ripple effects of inflation on daily expenses.
The government has acknowledged the rising cost of goods and services and is undertaking measures to stabilize the economy. These include addressing the ongoing foreign exchange crisis, reducing decades-long unsustainable subsidies, and implementing politically sensitive expenditure rationalization initiatives.
Despite the challenges, officials remain focused on balancing the country’s fiscal responsibilities while managing the cost of living for its citizens. The sharp rise in cigarette prices is seen as part of broader efforts to curb tobacco use and generate additional revenue amidst economic hardships.
According to the National Bureau of Statistics' Consumer Price Index, the prices of goods and services across the country rose by 4.05 percent in November compared to the same period last year. Cigarettes were among the most affected commodities, with sharp price hikes reported.
The price surge has also impacted other sectors. Prices at cafes and restaurants increased by 15.81 percent, while sea fares rose by 5.13 percent, indicating the ripple effects of inflation on daily expenses.
The government has acknowledged the rising cost of goods and services and is undertaking measures to stabilize the economy. These include addressing the ongoing foreign exchange crisis, reducing decades-long unsustainable subsidies, and implementing politically sensitive expenditure rationalization initiatives.
Despite the challenges, officials remain focused on balancing the country’s fiscal responsibilities while managing the cost of living for its citizens. The sharp rise in cigarette prices is seen as part of broader efforts to curb tobacco use and generate additional revenue amidst economic hardships.
