KUALA LUMPUR, April 22 — MIDF Research has upgraded its Consumer Price Index forecast for the year to 2.5 per cent from 2.1 per cent previously on expectation of a higher food inflation following the surge in global commodity prices.
“Looking ahead, we expect Malaysia’s domestic food inflation to stay on an increasing trend following the rise of global food CPI amid elevated commodity prices and supply chain disruptions in Europe,” it said in a note today. “Despite moderation from the highs last year, the latest data suggests there will be continued challenges to contain the rise in global food prices as global food inflation accelerated to 33.6 per cent year-on-year in March 2022, the highest since June 2021,” MIDF Research said.
It said fuel inflation is expected to remain decelerating, keeping non-food inflation low at 2.1 per cent in 2022 , as the government continues with its fuel subsidy mechanism.
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