Malaysia: Low-income households hard hit by inflation
Malaysia's economy is on a recovery path, but ongoing inflation is inflicting hardship on certain segments, including low-income households who have been disproportionately affected by rising price pressures, said Bank Negara Malaysia (BNM).
BNM Governor Nor Shamsiah Mohd Yunus (Photo: //www.theedgemarkets.com/)
Kuala Lumpur (VNA) - Malaysia's economy is on a recovery path, but ongoing inflation is inflicting hardshipon certain segments, including low-income households who have beendisproportionately affected by rising price pressures, said Bank NegaraMalaysia (BNM).
There is some unevenness in the economic recovery, said the central bank’s Governor NorShamsiah Mohd Yunus on July 26,adding that the rise in food prices in particular has affected thisgroup to a larger extent.
Although the direct impact from elevated oil prices onheadline inflation has largely been dampened by price controls on fuel andessential food items, there are still indirect effects from high globalcommodity prices, as they are a key driver of the rise in producers' inputcosts, Nor Shamsiah said.
Inflation developments in Malaysia this year reflect thepass-through of some of these costs, as well as the strengthening of domesticdemand, she said.
Consequently, she said although headline inflation is stillprojected to remain low and stable, ranging between 2.2% and 3.2% this year,core inflation averaged higher at 2.2% in the first half of 2022 versus 0.7% ayear ago./.
Malaysia’s trade turnover witnessed a record high in June, hitting 270.39 billion RM (over 60.6 billion USD), up 43.4% year-on-year, which is a clear sign of strong and flexible development of the country’s economic foundations.
Malaysia’s strategy to tackle inflation and rising cost of living has shown results, especially on chicken and egg issues, Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi said.
Malaysia's Consumer Price Index (CPI) increased by 3.4% to 127.4 in June this year from 123.2 in June last year, surpassing the country’s average inflation for the period from January 2011 to June 2022 by 1.9%.
The performance of the 2021 Malaysia Happiness Index (MHI) score was at 6.48 out of 10, reflecting a happy level, according to findings by the Department of Statistics Malaysia (DoSM).
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BNM Governor Nor Shamsiah Mohd Yunus (Photo: //www.theedgemarkets.com/) 
