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Jan to Aug inflation rate rises 3.1 per cent, in line with expectations

KUALA LUMPUR: Malaysia’s inflation rate increased 3.1 per cent from January to August this year, in line with market expectations of 3.2 per cent for 2022.

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

For August 2022, the inflation rate rose 4.7 per cent compared with 4.4 per cent 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 per cent, the United States (8.3 per cent), Thailand (7.9 per cent), Philippines (6.3 per cent), and the Republic of Korea (5.7 per cent).

“The lower inflation rate in Malaysia is due to efforts from the Keluarga Malaysia government that has provided the biggest subsidy ever recorded in the history of the country,” he said in a statement today.

On a month-on-month basis, August inflation was up 0.2 per cent compared with a rise of 0.4 per cent in July. 

Source: New Straits Times

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