Malaysia’s strategy to tackle inflation and rising cost of living has shown results, especially on chicken and egg issues. (Photo: Bloomberg) The minister told the press on July 21 that thefive-pronged strategy targets close cooperation with the special task force totackle inflation; the control of the price of necessities through targetedsubsidies; engagement with industry players to stabilise prices; collaborationwith all enforcement agencies to reduce leakages especially involvingsubsidised goods; and the expansion of the Keluarga Malaysia Sales Programme(PJKM) to 613 state constituencies to reduce the people’s burden by offeringessential goods at 20% cheaper than the local market prices.
Nanta said the ministry believed that the engagementsessions with industry players including the special task force to tackleinflation will have an impact on reducing the prices of cooking oil and otheressential goods.
The Philippines is also looking to strike importdeals with some of the world's biggest fertiliser suppliers, including Chinaand Russia, to help lower costs and increase food production amid highinflation, the government said.
President Ferdinand Marcos Jr. plans to reach out toChina, Russia, Indonesia, United Arab Emirates and Malaysia to securefertiliser supplies at favourable prices, according to a statement issued by hisoffice.
Marcos has vowed to boost agricultural output overthe next six months, saying he wants the Southeast Asian country to reduce itsreliance on food imports and avoid being hit hard by a food crisis looming overthe world.
Agriculture officials have warned of higher localprices of rice, the country's staple food, in the coming months partly due tosurging costs of fertiliser, supplies of which have been disrupted by theRussia-Ukraine war. The Philippines imports most of its fertiliser needs.
Partly driven by higher costs of some food items,Philippine inflation averaged 4.4% in the first half of this year, above theofficial 2%-4% target band, with the June rate of 6.1% being the highest innearly four years.
Meanwhile, Indonesia’s consumer price index (CPI)this year is expected to reach 4.5%-4.6%, surpassing the target of 2% to 4% setby Bank Indonesia, Governor Perry Warjiyo said.
The Bank Indonesia Governor told the press on July21 that the high inflation was due to unsubsidised food and energy prices. Moreover,supply pressure and global supply chain disruption are also pushing up theprices.
Indonesia's CPI rose 4.35% in June, the biggestyear-on-year climb since June 2017.
However, Warjiyo held that the inflation will returnto the set target next year, adding that the central bank will step up policy coordination withthe government through the Central and Regional Inflation Control Teams./.
VNA
