Inflation in Malaysia ‘among lowest in the world’
Malaysia’s inflation rate remains among the lowest in the world due to the government’s commitment to controlling the prices of goods and necessities, a cabinet minister said on Thursday.
Communications and Multimedia Minister Annuar Musa said that while many advanced nations were facing double-digit inflation, Malaysia was able to keep its rate at 2.8 per cent due to government intervention.
“We are grateful that our country has one of the lowest inflation rates in the world. The inflation rate of 2.8 per cent is among the lowest in Asean and a lot lower than many advanced nations.
“Perhaps many people are not aware that this is due to the government’s commitment to control the rising price of goods and necessities by providing subsidies.
“The Finance Ministry has projected that the country will be spending more than 70 billion ringgit (557 billion baht) on subsidies in 2022.
“This is more than what the parliament had approved last year for subsidies, which was 33 billion ringgit (262 billion baht).
The government will continue to pay for subsidies to ensure that the people are not badly affected by rising prices of goods and also to ensure the country’s inflation rate remains low, Annuar told a press conference in Putrajaya on Thursday.
He was speaking after chairing the first meeting of the special task force against inflation.
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