Govt monitoring inflation to avoid cost pressure on the people amid West Asia crisis, says deputy minister

Kota Bharu, August 29 — In response to the unrest in West Asia, the Malaysian government is actively monitoring inflation rates to ensure that escalating commodity costs and supply chain disruptions do not place undue financial strain on the population. Deputy Economy Minister Datuk Seri Mohd Shahar Abdullah emphasized the importance of constant observation due to the rapidly evolving situation in West Asia, which can significantly affect global supply chains and the prices of essential goods.

The government is working diligently to secure sufficient supplies, particularly for critical resources like oil, ensuring they last until the end of the year. Moreover, various measures are being taken to minimize the crisis's repercussions on the domestic economy. "Our primary focus is to guarantee the country's supply until year-end and closely monitor inflation on goods to prevent widespread pressure on the community," Mohd Shahar explained to reporters following a meeting at the Malay Contractors Association of Malaysia (PKMM) Kelantan chapter.

The deputy minister clarified that the government remains uncertain about the future trajectory of the West Asian crisis and is prepared for both potential improvements and worsening scenarios. He assured that the government is not waiting for the crisis to resolve but is actively ready to address various outcomes to maintain the resilience of the nation's economy.

The Deputy Economy Minister highlighted that the government uses a Crisis Monitoring Dashboard to keep citizens informed of developments. Despite the current economic performance showing better-than-expected growth, Mohd Shahar implored the government to maintain vigilance and engagement with stakeholders, ensuring that any external pressures are promptly addressed without causing undue hardship for the populace or the economy.