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Malaysia sees highest inflation rate in eight years

Malaysia’s consumer price index in February rose 4.5 percent year-on-year, the highest in more than eight years.
Malaysia sees highest inflation rate in eight years ảnh 1Illustrative image (Source: themalaymailonline.com)

Kuala Lumpur (VNA) – Malaysia’s consumer price index in February rose 4.5 percent year-on-year,the highest in more than eight years.

Meanwhile, previousforecast in a Bloomberg survey stated that inflation rate of the country wouldstand from 3.9 percent to 4.3 percent.

Malaysia’s prices inFebruary increased 1.3 percent compared to the previous month. Transport costssurged 17.9 percent, driven by the rise of domestic fuel prices, addingpressure on the Central Bank of Malaysia (BNM) to raise interest rates.

Earlier, the BNM saidinflation will probably average 3 percent to 4 percent this year, up from 2.1percent in 2016, saying that 2017 will be another challenging yearfor the monetary policy. 

The bank also predictsMalaysia's economy will rise 4.3 - 4.8 percent in 2017. All sectors areexpected to grow, with the service and manufacturing sectors being the largestcontributors for the national economy. Agriculture is also hoped to recover afterthe influence of the El Nino.- VNA

VNA
#inflation#consumer price index#Malaysia's economy
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