Bank Negara Malaysia Maintains Inflation Forecast Range
BNM Projects Inflation to Average Between 20% and 35% in 2024
Bank Negara Malaysia (BNM) has maintained its headline inflation forecast range of 2% to 3.5% for 2024. The forecast takes into account the recent rationalization of diesel prices.
In the first half of 2024, headline and core inflation averaged 1.8%. BNM Governor Tan Sri Nor Shamsiah Mohd Yunus said that the central bank expects inflation to remain within the forecast range for the rest of the year.
Factors Contributing to Inflation
- Global supply chain disruptions
- Rising commodity prices
- Russia-Ukraine conflict
- Rationalization of diesel prices
Measures to Address Inflation
BNM is taking several measures to address inflation, including:
- Raising interest rates
- Reducing government spending
- Monitoring the supply of goods and services
Impact of Inflation on Consumers
Inflation can have a negative impact on consumers by:
- Reducing the purchasing power of money
- Increasing the cost of living
- Dampening economic growth
Conclusion
BNM's inflation forecast range is in line with expectations from economists. The central bank is taking steps to address inflation, but it is important for consumers to be aware of the potential impact of inflation on their finances.
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