Friday August 01, 2008

Malaysia inflation rate jumps to 7.7% in Jun 2008, a 26-year record high

This article belongs to the Malaysia inflation watch story arc.

channelnewsasia.com :

Malaysia's central bank said Friday [25 Jul 2008] it will hold its interest rates at 3.5%, bucking expectations of a rise to counter a 7.7% surge in June 2008 inflation figures. Malaysia's CPI inflation rate has reached the highest level in 26 years, following a deeply unpopular 41% fuel price hike last month. Bank Negara governor Zeti Akhtar Aziz said the bank's monetary policy will not be used as a tool to counter inflation, and that the immediate concern is to avoid a fundamental economic slowdown which could lead to higher unemployment given the higher risks to both inflation and slower growth.

- With this announcement, Malaysia has now officially joined the global inflation race. One big bang adjustment to fuel prices and they have caught up and even surpassed Singapore's 7.5% inflation rate. Now that their petrol and diesel prices have been brought closer to market rates, the next thing for them to worry about, same as us over in Singapore, is stagflation.

See also :

1. Fuel prices seen stoking Malaysia inflation in 2008
2. Malaysia inflation rate could hit 9-year high of 5% on petrol and diesel price hikes
3. Angry citizens protest as Malaysia eliminates subsidies, raising petrol prices 40% overnight
4. Malaysia petrol and diesel price hike to bite Singapore hard, worsening record inflation rate

(2008-08-01 12:57:39 SGT) [Biz] Permalink

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