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Inflation worries remain

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The higher cost of food saw Malaysia post a 2.8% year-on-year rise in the consumer price index for May.

KUALA LUMPUR: Food inflation in Malaysia jumped to the highest in 10½ years, hitting 5.2% in May 2022 as 93% of food items saw their prices rise.

“The subgroup of meat also showed the highest increase of 9.5% in May 2022 due to the increase in demand during the festive season,” he added. Economist and Rising Success Consultancy advisor Manokaran Mottain foresees the June CPI inflation to be even higher than May with the hike in the prices of chicken and rice by restaurants."We should have not lifted the ceiling price of chicken,” he said.

Sunway University economics professor Yeah Kim Leng expects food inflation to escalate should the various price controls be removed. Centre for Market Education CEO Carmelo Ferlito expects inflation in the country to remain elevated in the second half of the year.

 

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