Prime Minister Datuk Seri Anwar Ibrahim has stated that the government will focus heavily on strategies to stabilize inflation and tackle the increasing cost of living in the upcoming Budget 2025.
Speaking about the current economic situation under his Madani government, Anwar noted that Malaysia's inflation rate is holding steady at 2%, while the country's gross domestic product (GDP) grew by 5.9% in the second quarter of this year.
"I recently returned from Vladivostok, Russia, where I had a meeting with President Vladimir Putin. During our discussions, questions were raised about Malaysia's inflation rate, which is currently at 2%. Some food sectors are experiencing inflation rates between 3% and 3.5%, and even maintaining that has been challenging," Anwar stated. "For the budget presentation in October, my main focus and strategy will be on finding solutions to the cost of living issues. While our inflation rate is relatively low compared to neighboring countries like Thailand, Indonesia, and Singapore, it remains a priority," he added.
Anwar made these remarks during his speech at the national-level celebration of the 2024 Bulan Malaysia Sihat Sejahtera Month. The event was also attended by Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun and Health Minister Datuk Seri Dr. Dzulkefly Ahmad.
The Prime Minister emphasized that the government is committed to sound economic management and will ensure that there is no unnecessary spending across different sectors. This approach is part of the broader strategy to maintain economic stability and address the cost-of-living challenges faced by Malaysians.
According to the Department of Statistics Malaysia’s Consumer Price Index (CPI) report for July of this year, the country's inflation rate has remained at 2.0% since May. The report highlighted that the inflation rate was driven by price increases in several key categories. These include restaurants and accommodation services (3.4%), personal care, social protection, and miscellaneous goods and services (3.2%), recreation, sports, and culture (2.2%), and healthcare (1.9%).
Anwar also addressed recent allegations that he interferes in investigations involving individuals or leaders. He firmly stated that these matters are handled entirely by the relevant authorities and that he plays no role in such processes.
"Recently, it seems like a new scandal emerges every week, and there are those who claim that it’s all because Anwar is seeking revenge. This could not be further from the truth," he clarified. "It is essential that we put an end to the abuse of power by leaders for their personal benefit."
He emphasized his commitment to the rule of law, stating, "I want to make this very clear: I do not care who is under investigation—whether it's for something minor like motorcycle theft or more serious crimes like robbery—that is the responsibility of the police. They do not seek my permission to investigate anyone," he asserted.
Anwar’s comments come at a time when the country is facing multiple challenges, both economically and politically. His focus on transparency, economic prudence, and the rule of law highlights the government's approach to maintaining stability and fostering a fair and just society. As Malaysia prepares for the Budget 2025 announcement, these priorities are expected to be at the forefront of the government's plans.
FlyingBird is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
The User Content (as defined on Newswav Terms of Use) above including the views expressed and media (pictures, videos, citations etc) were submitted & posted by the author. Newswav is solely an aggregation platform that hosts the User Content. If you have any questions about the content, copyright or other issues of the work, please contact Newswav.