Malaysia's inflation rate among lowest in the world, says Annuar Musa

PETALING JAYA: Malaysia’s inflation rate remains among the lowest in the world due to the government’s commitment to controlling the prices of goods and necessities, says Tan Sri Annuar Musa.

The Communications and Multimedia Minister said while many advanced nations were facing double-digit inflation, Malaysia was able to keep its rate at 2.8% due to government intervention.

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“We are grateful that our country has one of the lowest inflation rates in the world. The inflation rate of 2.8% is among the lowest in Asean and a lot lower than many advanced nations.

“Perhaps many people are not aware that this is due to the government’s commitment to control the rising price of goods and necessities by providing subsidies.

“The Finance Ministry has projected that the country will be spending more than RM70bil on subsidies in 2022.

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“This is more than what the Parliament had approved last year for subsidies, which was RM33bil.

“But the government will continue to pay for subsidies to ensure that the rakyat are not badly affected by rising prices of goods and also to ensure the country’s inflation rate remains low,” said Annuar at a press conference in Putrajaya on Thursday (June 30).

Annuar was speaking after chairing the first meeting of the special task force against inflation here.