1st July 2022 - 2 min read
Communications and Multimedia Minister, Tan Sri Annuar Musa has stated that the government will strive to ensure that the country’s inflation rate remains low and manageable. This will be achieved through the newly formed task force, Jihad Tangani Inflasi.
“We are also giving assurance that we will continue taking a proactive approach to control and keep the country’s inflation at a low and manageable rate,” said Tan Sri Annuar, who is the chairman of the task force. He added that the new task force will also monitor the prices of any goods and services that may contribute to the rise in the inflation rate, aside from chicken, eggs, and cooking oil.
Tan Sri Annuar also emphasised that Malaysia’s inflation rate (2.8%) remains among the lowest in the world despite the increasing inflation rates globally. “Perhaps many do not realise that this was the result of the government’s commitment in implementing the price control measure, especially for essential goods with the government providing some subsidies,” he commented.
The minister further noted that the formation of the special team will increase cooperation among various agencies, and that the current team may be expanded should the need arise. “The special task force’s main task is not limited to the members’ ministries as more ministers would be invited into the task force if there are issues relevant to them,” he said, adding that they may also consult other entities such as Bank Negara Malaysia (BNM), Polis Diraja Malaysia (PDRM), and a group of experts.
Finally, Tan Sri Annuar reiterated the government’s commitment in ensuring that Malaysians are not financially overburdened in the current economic climate. “In Parliament last year, the government has approved subsidies totalling RM33 billion for 2022, but looking at the trend of price hikes, the MOF (Ministry of Finance) had projected the actual subsidies to be over RM70 billion,” he said.
To note, Jihad Tangani Inflasi was formed by the government two days ago as a special task force to address the rising cost of living in the country. Helmed by several officials, the team is responsible for drafting strategies and coordinating efforts in resolving issues pertaining to inflation.
(Source: Malay Mail)
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world