Kuala Lumpur (VNA) – Malaysia’s inflation rate is expected to remain moderate this year based on what the economic data indicates for the next few months, Malaysian Economy Minister Rafizi Ramli said on June 4.

Speaking to the media at Invest Fair 2023, the minister revealed that the government is optimistic that the country will be able to meet the inflation target of between 2.8-3.3%. The government will continue to focus on scaling up food production capacity at the local level and on the narrative that cooked meal prices should moderate.

He emphasised that Malaysia has seen inflation numbers come under control with 11 straight months of moderating inflation by focusing on a series of stabilisation measures. The government is expecting the downward trend will continue throughout the year.

Commenting on the country’s monetary policy, the minister noted that the overnight policy rate and monetary policy are driven by long-term data and evidence-based data available to the central bank of Malaysia (Bank Negara Malaysia).

According to Rafizi, unless it begins to encroach on the social safety net or has an immediate impact on the economy that will move away from the sweet spot between sustainability and growth, then the ministry will have a discussion with the central bank to adjust these policies./.