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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).
Malaysia: Low-income households hard hit by inflation ảnh 1BNM Governor Nor Shamsiah Mohd Yunus (Photo: https://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./.
VNA
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