The Government will take immediate action against businesses that increase prices of essential goods during the upcoming Ramadan, warns Minister of Economic Development and Trade Mohamed Saeed.

Speaking at tonight's Ahaa Ministerial Forum – a joint initiative by the President's Office and Public Service Media (PSM) allowing public questioning of Government Ministers – Minister Saeed detailed the government's measures to control essential goods prices.

The Minister revealed that despite World Bank estimates projecting a 7 per cent price increase in the Maldives this year, early Government intervention has successfully maintained prices below 3 per cent.

Extensive work has been undertaken following President Dr Mohamed Muizzu's directive last year to formulate policies aimed at reducing or preventing increases in essential food prices.

Under the newly formulated policy, the Government has identified essential items and established protocols for addressing price increases.

"We have compiled a list of 183 items, with 54 designated as critical specifically for Ramadan," Minister Saeed explained.

The Minister emphasised that immediate action would be taken against any vendor found selling these listed items at inflated prices during Ramadan.

"Market intervention is not optional – we will act when prices increase. The Government is committed to removing all barriers preventing public access to essential household goods," he stated.

Beyond enforcement measures, Minister Saeed highlighted additional price control initiatives, including preparations by the State Trading Organisation (STO), the Government's primary trading company, to import food items across four categories specifically for Ramadan.

These categories encompass fresh vegetables, fruits, ready-made foods, and cooking ingredients. STO is currently offering potatoes and onions at reduced prices as part of this initiative.