PUTRAJAYA: The measures taken to tame inflation, which averaged 1.0% last year, did not affect the country’s economy as it grew 4.7% during the same period, according to Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail.
She said this rate marked the success of the policies, strategies and action plans already put in place and being undertaken by the new government, in controlling the prices of goods in general.
Wan Azizah, who is also National Cost of Living Action Council chairman, said in fact, the country’s economic growth fared better in the fourth quarter at 4.7% than the third quarter (4.4%) and second quarter (4.5%).
“This growth is commendable in the midst of global market uncertainty following the US-China trade war, and the government is forced to practise prudent spending in line with the country’s current financial position.
“As Malaysia continues to record good economic growth, 2018 posted its lowest inflation rate in nine years,“ she said in a statement today.
Dr Wan Azizah said the inflation rate in 2018 was also much lower than the 3.7% recorded in the previous year.
“Based on the year-on-year analysis, it was below 1.0% for the seven consecutive months from June to December 2018, and the rate was only between 0.2% and 0.6% in the last five months.
“This is compared to between 1.3% and 2.7% from January to May 2018,“ she said.
In terms of Consumer Price Index (CPI), she said the rate remained unchanged in December 2018 from that of May 2018 at the level of 121.1.
Wan Azizah said as the new government has addressed the inflation issue, it has resolved one of the components of the cost of living. — Bernama
