Governments in Asia are stepping up measures to control food prices, offering additional economic relief packages to households amid soaring inflation fueled by the ongoing Russia–Ukraine war.
Malaysia is projected to spend roughly $17.5 billion on subsidies this year, including the recently announced $83 million in chicken and egg subsidies, to keep inflation under control.
Finance Minister Zafrul Abdul Aziz said on June 30 that Malaysia’s inflation rate could increase by 11.4 percent in May, but the subsidy policy has helped keep inflation at 2.8 percent, the state-run outlet Bernama reported.
Zafrul said the country’s open economy was hurt by global inflationary pressures, with Brent crude oil prices rising to $100 per barrel and disruptions in the global supply chain, resulting in an increase in food prices….