Global prices dominate inflationary trends in the Maldives, as domestic consumption is driven mainly by tourism expenditure and is met mostly through imports. Inflation is therefore susceptible to global travel and price swings, and the pass-through is set by the rufiyaa:US dollar peg. However, the government's comprehensive policy of capping the cost of utilities and other living expenses for citizens strongly blunts the pass-through of global price pressures.

Despite a recovery in tourism expenditure and global price pressures, the maintenance of subsidies will keep average consumer price inflation at 2.1% in 2022-23, below the estimated level of 2.3% in 2021. The introduction of a minimum monthly wage, proposed at Rf5,700 (US$370) by the Minimum Wage Board, could lead to higher cost-push inflation. It is currently under consideration by the Ministry of Economic Development.