3.1% rise in January-August inflation rate matches market projections, says Mustapa

Economy Minister Mustapa Mohamed says Malaysia's inflation rate is among the lowest in the world due to the government's largest-ever subsidy package. – The Malaysian Insight file pic, September 23, 2022.

MALAYSIA’s inflation rate increased 3.1% from January to August this year, in line with market expectations of 3.2% for 2022. 

Minister in the Prime Minister’s Department (Economy) Mustapa Mohamed attributed the rise to solid domestic demand, elevated commodity prices, and disruptions to the global supply chain.

For August, the inflation rate rose by 4.7%, compared with 4.4% in July. 

“The inflation rate in Malaysia is one of the lowest in the world. The August inflation rate in the eurozone was 9.1%, the United States’ was 8.3%, Thailand’s was 7.9%, the Philippines’ was 6.3%, and the Republic of Korea’s was 5.7%. 

“The lower inflation rate in Malaysia is due to efforts from the Keluarga Malaysia government, which has provided the largest-ever subsidy (package) recorded in the history of the country,” he said in a statement today. 

On a month-on-month basis, the inflation rate in August was up 0.2% compared with 0.4% in July. – Bernama, September 23, 2022.

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