West Asia Crisis: Govt Monitoring Inflation To Avoid Cost Pressure On The People
KOTA BHARU, Aug 29 (Bernama) -- The government is monitoring inflation movements due to developments in the West Asian crisis to ensure cost pressures from supply disruptions and rising commodity prices do not burden the people.
Deputy Economy Minister Datuk Seri Mohd Shahar Abdullah said the monitoring is important because developments in West Asia are changing rapidly and can potentially impact global supply chains and commodity prices.
He said the government is also ensuring the country’s supply, especially for strategic commodities such as oil, remains sufficient until the end of the year while taking appropriate measures to mitigate the crisis’s impact on the domestic economy.
“Right now, the aim is to ensure the country’s supply is guaranteed until year-end. That is the most important thing, and that is why we continuously observe and monitor from various angles.
“Not only are we looking at the oil supply for us to last until the end of the year, but we are also monitoring the movement of inflation on goods so that the pressure on the community is not felt as a whole,” he told reporters after officiating at the annual general meeting of the Malay Contractors Association of Malaysia (PKMM) Kelantan chapter, here last night.
Mohd Shahar said the government has yet to determine whether the situation in West Asia will improve or worsen, given developments in the conflict are difficult to predict.
He said that the government is not just waiting for the crisis to subside but is always prepared to face various possibilities to ensure the country’s economy remains resilient.
“We are monitoring daily, and we have a Crisis Monitoring Dashboard. We also communicate with the people through that dashboard, which provides detailed information on what has happened.
“This situation is changing very rapidly. Whatever we do, it is to ensure our economy is resilient and to ensure that any initiatives taken are appropriate for the people,” he said.
According to Mohd Shahar, the current economic performance, which has recorded better-than-expected growth, should not make the government feel complacent; instead, monitoring and engagement with various parties should continue.
He added that this approach is important to ensure that any external pressure can be addressed immediately without causing excessive impact on the people or the domestic economy.
-- BERNAMA