PETALING JAYA: Inflation rates for March, April and May 2019 have been low and stable at 0.2% as the government is actively managing living cost pressures faced by the people, Finance Minister Lim Guan Eng said today.
This proves the government’s success in checking price pressures, Lim said in his keynote address at the 2020 Budget Consultation in Putrajaya.
“Currently, the government is designing a Cost of Living Index to complement the existing Consumer Price Index,” he said.
“Unlike the CPI (Consumer Price Index) which tracks the general change in consumers prices, the new Index will determine the minimum living cost required for a person to live comfortably.
“It will help the Government design a more precise policy in addressing living costs faced by Malaysians.”
Lim also said the government is tackling living costs by curbing monopolistic behaviour.
“Perhaps the greatest success has been with regards to broadband services where the speed has been raised for many consumers at affordable prices. A reliable, cheap and fast broadband service will the key in pushing the digitalisation of the Malaysian economy,” he added.
