The Minister of Economic Development and Trade, Mohammed Saeed has reaffirmed the government’s commitment to curbing rising commodity prices, emphasising that affordability of essential goods remains a top priority.
Speaking on the newly launched Spokesperson podcast, the Minister announced the addition of 23 items to the national list of basic food products, including rice, flour, sugar, 10 types of vegetables, 10 types of fruits, and three other key food items.
These items will now be managed by the State Trading Organization (STO) to ensure nationwide availability at affordable prices. To strengthen distribution, STO has opened a wholesale outlet at the Male’ Commercial Harbour and plans to open a new store in Hulhumale’ ahead of Ramadan.
The government is also establishing a network of STO agents across islands with populations exceeding 3,000 to guarantee access, even in remote areas. While acknowledging concerns about potential impacts on small businesses, Minister Saeed stressed that STO will look to supply vendors wholesale rather than venture into retail.
He added that while 23 items are officially classified as basic necessities, the government will intervene on any high-impact product that becomes unaffordable. To maintain transparency and control, a comprehensive price index is now in place, monitoring the costs of 162 essential items on a daily basis.