Business

Malaysia’s inflation rate likely to moderate this year: Rafizi

Govt optimistic nation can meet target of between 2.8%, 3.3% in 2023, says minister

Updated 3 years ago · Published on 03 Jun 2023 3:20PM

Malaysia’s inflation rate likely to moderate this year: Rafizi
Economy Minister Rafizi Ramli notes the country has seen inflation numbers come under control with 11 straight months of moderating inflation by focusing on a series of stabilisation measures. – Bernama pic, June 3, 2023

KUALA LUMPUR – Malaysia’s inflation rate is expected to remain moderate this year based on what the economic data indicates for the next few months, said Economy Minister Rafizi Ramli.

The government is, therefore, optimistic the country will be able to meet the inflation target of between 2.8% and 3.3% in 2023, he said. 

“We (the government) will continue to focus on scaling up food production capacity at the local community level and on the narrative that cooked meal prices should moderate,” he told the media after launching Invest Fair 2023 here today.

According to Rafizi, the country has seen inflation numbers come under control with 11 straight months of moderating inflation by focusing on a series of stabilisation measures.

“It is a combination of efforts. Some are market-oriented and some are fundamental, but all together, we expect this downward trend will continue throughout the year,” he added.

Meanwhile, commenting on the country’s monetary policy, Rafizi noted that the overnight policy rate and monetary policy are driven by long-term data and evidence-based data available to Bank Negara Malaysia (BNM). 

“Unless it begins to encroach on the social safety net or has an immediate impact on the economy that will move away from the sweet spot between sustainability and growth, then we will have a discussion with BNM. 

“The government will monitor how the market reacts to the debt ceiling problem in the United States. Hopefully it will be resolved by next week,” he said.

Themed “Grow your money lahh!”, the two-day Invest Fair 2023 is hosting more than 50 expert speakers who will share their wealth of knowledge covering a broad spectrum of topics, including the latest market outlook, sector insights, as well as investment-related topics. – Bernama, June 3, 2023

Related News

Malaysia / 1mth

Strong growth, controlled inflation push OPR to remain at 2.75%

Malaysia / 1mth

Higher BUDI fuel quotas may help ease inflation, economist says

Business / 2mth

Traders keep watch on inflation data as energy prices fuel fresh concerns

Business / 5mth

BMI sees BNM holding OPR at 2.75% in July, amid contained inflation

Malaysia / 1y

Doctors' group: GP consultation should be raised to a ‘fair fee' of RM50 to RM150

Malaysia / 1y

Rising medical inflation cause of hike in insurance premiums - Amir Hamzah

Spotlight

Malaysia

Haze: Schools in Johor, Melaka, and Negeri Sembilan to close tomorrow

Malaysia

Tun Mahathir’s health improves, but not ready to leave hospital

Malaysia

LPT3 row puts Kelantan’s infrastructure priorities under scrutiny

Malaysia

Terengganu royal family member sues two banks over RM1.99m missing from savings

Malaysia

Irene Sofiya murder probe referred to Johor prosecutors for review

Malaysia

Teacher denies negligence charges over fatal school SUV crash in Kota Bharu

Malaysia

Sulaiman Md Ali opts out of Melaka polls, will not defend Lendu

You may be interested

Business

SC targets stronger board oversight through higher standards for company secretaries

Business

Oil prices rise as Gulf attacks threaten supply recovery

Business

Oil prices stay above US$93 as Middle East tensions put pressure on ringgit