Cost of goods still stable, says economy minister

·1-min read
Malay Mail
Malay Mail

PUTRAJAYA, May 8 — Economy Minister Rafizi Ramli today said the price of goods is still stable and in tandem with the easing of the consumer price index (CPI) to 3.4 per cent for March this year from 3.7 per cent the month before.

He said he is optimistic that Malaysia’s inflation rate is on track to reaching a healthy level which is around 2.8 per cent to 3.3 per cent.

“When we talk about the price of goods, there are two to three components to consider. First and foremost is ensuring that prices do not shoot up drastically as well as that supply and demand are monitored. Most countries use this method to curb inflation.

“When prices go up too drastically, purchasing power will be low, and this will have a significant impact on consumers. We are targeting 2.8 per cent to 3.3 per cent inflation rate, so in terms of the price of goods, any further increase is easing.

“The government is always monitoring the supply of essential items, such as eggs, sugar, and chillies. However, when there is a shortage of supplies, don’t expect a 100 per cent recovery rate. It takes time,” he told reporters after hosting the Economy Ministry’s Aidilfitri celebration.

On April 20, a Department of Statistics Malaysia report said the country’s CPI for March 2023 eased to 3.4 per cent with the index point at 129.9, underpinned by a decrease in the price of unleaded petrol.