STO takes measures to stabilise commodity prices for Ramadan
STO's initiatives aim to alleviate the economic burden on households during the Ramadan period.
With Ramadan approaching in March, traders have indicated that commodity prices are likely to increase next month due to the current tightness in dollar availability. The period of Ramadan is expected to be marked by elevated prices, prompting measures from the State Trading Organisation (STO) to mitigate the impact.
STO Managing Director Shimad Ibrahim stated that the company, in collaboration with the economic ministry, has begun monitoring price changes in the market. A list of essential food items, particularly those that tend to see price increases during Ramadan, has been prepared. Efforts are underway to import these items in significant quantities before Ramadan begins.
“We are examining goods that typically experience price hikes and will provide alternatives through STO supermarkets. Our aim is to introduce quality products at lower prices as alternatives to certain bread and brand options,” said Shimad.
He added that these measures aim to ensure the availability of necessary items for Ramadan at prices that are accessible to the public.
In addition to food items, the government is considering steps to lower the prices of household goods during Ramadan. STO plans to organise special garage sales offering such items at reduced rates, following the positive response to a similar initiative recently conducted.
“The recent garage sale was well received. We are working to identify the goods most needed in preparation for Ramadan and ensure their availability at affordable prices,” Shimad said.
While the Maldives Monetary Authority (MMA) reported that overall inflation remained stable at 1.1% as of October—1.5 percentage points lower than the same period last year—food prices have shown an upward trend. Inflation for food items is currently between 4.9% and 5%.
Utility costs, including rent, water, and electricity, have also been significant contributors to inflation, reaching a peak of 15% in April before declining to 7% by September. STO's initiatives aim to alleviate the economic burden on households during the Ramadan period.
