KUALA LUMPUR, March 24 ― MIDF Research has slightly raised its headline inflation projection by 0.2 points to 2.5 per cent for 2023, following a higher food price growth forecast of 4.5 per cent from 4.0 per cent previously.
“Judging from the re-tabled Budget 2023, we believe the government will keep fuel subsidies, especially RON95, on status quo until the end of the year. Any targeted RON95-subsidy measures will be rolled out in 2024,” it said. “Non-food inflation moderated to an eight-month low by two per cent y-o-y whereas food inflation increased to a three-month low by seven per cent y-o-y.
It said on a month-on-month basis, headline prices increased by 0.2 per cent, the same pace as the previous month. “Employment activities, which is correlated with core inflation, is also slowing down after peaking at 4.5 per cent back in July 2022,” it said. “The push is largely driven by the need to anchor core inflation and to preserve a positive real rate position.
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