President Nasheed announced at a campaign event that prices of goods and services will continue to rise in February of this year. He explained that the increase in GST has already led to a rise in prices, and that the price increase is currently affecting current stock. However, in February new stocks will arrive and those products will have an increased price due to the increased charges for transport and storage.
Nasheed acknowledged that increasing GST was a mistake on the government's part. He stated that the government had increased GST in order to pay back loans.
It is worth noting that starting from 1st January 2022, GST in Maldives has been increased to 8 percent. This increase in GST, along with the increased charges for transport and storage, is likely to lead to a significant increase in prices for consumers.
It is clear that the President is aware of the negative impact this price increase will have on citizens, and has acknowledged the government's mistake in increasing GST. However, it remains to be seen what measures, if any, the government will take to mitigate the effects of this price increase on citizens.
It's important for citizens to be aware of this price increase and to plan their expenses accordingly. Government should also come up with ways to mitigate the impact of the price increase on citizens.