Malaysia’s inflation rate in January continues to moderate to 3.7% compared to the same month of the previous year, as announced by the Department of Statistics Malaysia.
Based on a month-to-month comparison, the increase in inflation for the month of January was 0.2%, the same proportion as recorded in the previous month. The increase in inflation for January 2023 is still driven by an increase in Food & Non-Alcoholic Beverages group, but it has moderated to 6.7%, compared to 6.8% in the previous month.
Two more groups in the three highest weighted groups also moderate or record the same rate, i.e. Group Housing, Water, Electricity, Gas & Other Fuels (remains 1.5%) and Group. Transportation eased to 4.0% compared to 4.9% in the month previously. EPU Ministry said it also examines the increase in the price of goods during CNY, the month-on-month growth in 2023 (0.2%) is low compared to 2021 (0.3%) and 2022 (0.24%). Minister Rafizi said it is very encouraging because it proves that Malaysia has succeeded in easing the rate of price increases in addition to supply chain constraints.
In addition, the Price Standardisation Program (PPH) continued to standardize the price of 7 basic goods involved ie white rice, sugar, cooking oil 1 kilogram, wheat flour, LPG, petrol RON95, and diesel to ensure the supply of the goods to residents in the rural/inland areas of the peninsula, Sabah and Sarawak. Rafizi said the implementation of this program will allow all Malaysians to buy necessities at a uniform price, it is to stabilise the price of food at a level that people can afford, the government is using a multi-pronged strategy that influences the entire food chain, from raw materials to food outside the home.
Initiatives such as Rahmah Menu and Opinion Initiative People who supply ready-made food at the price of RM2 not only give cheap options to consumers but even encourage competition in the market.
