Wed. Feb 28th, 2024

Malaysia’s inflation rate this year is projected to be not more than 2
percent based on the government’s ability to exercise prudent financial
management.

The Malaysian news agency Benama quoted
Deputy Finance Minister Datuk Dr Awang Adek Hussin as saying that the
forecast was primarily due to the success in maintaining the prices of
essential items such as rice, sugar, cooking oil and fuel through
subsidies.

He told reporters after officiating the Annual
General Meeting of the Bachok Fishermen’s Association and the handing
over of cash living allowances to fishermen at Pangkalan Petah here on
March 24, that last year’s inflation rate was at 1.6 percent and lower
than that of the United States (2.1 percent), Singapore (4.6 percent),
Indonesia (4.3 percent) and Thailand (3 percent).

According to Awang Adek, the provision of subsidies had helped curb
inflation, unlike some other countries, which were unable to do so for
goods.

“Malaysia’s fiscal policy does not encourage
inflation and the government will continue to work towards curbing it,”
he added.-VNA

By vivian