KUALA LUMPUR: Malaysia's consumer price index (CPI) rise, up 3.1% from a year earlier to a five-year high in May, is only a small increase compared with that of other countries in the region.
Domestic Trade and Consumer Affairs Minister Datuk Mohd Shafie Apdal said: All this while, we've been able to contain the CPI to a single digit. This is so much better than many countries in the region and even the world.
Speaking at a press conference after a dialogue between his ministry with the private sector at a hotel here, he attributed the CPI increase to several factors, particularly food.
A rise in CPI is related to the goods that we import. For example, food is one of the components that caused the index to rise as items like meat are imported from foreign countries.
He said it would be unreasonable for industries which are making a profit year after year to ask that they be allowed to increase prices.
To cushion the impact of the higher CPI, he said, his ministry was currently promoting the low price and smart consumer campaigns.