Malaysia's Minister of Economy Rafizi Ramli (Photo: Bernama)
Malaysia’s inflation has dropped to 3.7% in January from 3.8% in December last year, Minister of Economy Rafizi Ramli has said.
Month-to-month inflation was maintained at 0.2% in the month, the minister said, attributing a hike in January inflation to the increase in the food and non-alcoholic beverage group. However, he said, it moderated to 6.7%, compared to 6.8% in the previous month.
The price of housing, water, electricity, gas and other fuels group remained unchanged at 1.5% while that of transport services decreased to 4% from 4.9% in the previous month.
Notably, the price of goods during the Chinese New Year season saw a 0.2% month-on-month increase in 2023, which is lower than the 0.3% and 0.4% rises of the corresponding month in 2021 and 2022, respectively.
This is very encouraging because it demonstrates that Malaysia has succeeded in slowing the rate of price increases in face of global supply chain constraints and seasonal demand spikes, Rafizi said.
According to the minister, his ministry will continue the Price Standardisation Programme this year to help stabilise prices of seven essential goods, namely white rice, sugar, cooking oil, wheat flour, liquefied petroleum gas (LPG), RON95 petrol and diesel.
Rafizi also pledged to keep food prices affordable by implementing a multi-pronged strategy that affects the entire food chain, from raw materials to food consumed outside the home./.