Inflation rate to stay moderate in 2023, says Rafizi

Rafizi Ramli said the government will continue to focus on scaling up food production capacity at the local community level.

KUALA LUMPUR: The inflation rate is expected to remain moderate this year based on what the economic data indicates for the next few months, says economy minister Rafizi Ramli.

The government is, therefore, optimistic the country will be able to meet the inflation target of between 2.8% and 3.3% in 2023, he said.

“We (the government) will continue to focus on scaling up food production capacity at the local community level and on the narrative that cooked meal prices should moderate,” he told the media after launching Invest Fair 2023 here.

According to Rafizi, the country has seen inflation numbers come under control with 11 straight months of moderating inflation by focusing on a series of stabilisation measures.

“It is a combination of efforts. Some are market-oriented and some are fundamental, but all together, we expect this downward trend will continue throughout the year,” he added.

Meanwhile, commenting on the country’s monetary policy, Rafizi noted that the Overnight Policy Rate (OPR) and monetary policy are driven by long-term data and evidence-based data available to Bank Negara Malaysia (BNM).

“Unless it begins to encroach on the social safety net or has an immediate impact on the economy that will move away from the sweet spot between sustainability and growth, then we will have a discussion with BNM.

Themed ‘Grow your money lahh!”, the two-day Invest Fair 2023 is hosting more than 50 expert speakers who will share their wealth of knowledge covering a broad spectrum of topics, including the latest market outlook, sector insights, as well as investment-related topics. - FMT