The central bank said raising productivity and improving education to lift income levels is also needed to be done.
Transforming Malaysia into a net food exporter may still not wean the country off the need for imports. Neither will it completely help the country in addressing the cost of living issue.Cost of living, on the other hand, must be tackled by raising productivity and improving education to lift income levels, as ultimately, cost of living issues go beyond just rising cost, said Bank Negara Malaysia .
Exchange rate movements explain only a fraction of food price changes and other factors may be equally if not more important. Exchange rate movements explain only a fraction of food price changes and other factors may be equally, if not more important, BNM said in its box article. Separately, the recent increase in prices of Indian onions was due to supply disruptions following the monsoon season in India, at a time when the ringgit exchange rate actually appreciated against the Indian rupee.
Despite these challenges, the value of the ringgit against a trade-weighted basket of our major trading partners’ currencies has been stable, said the central bank. This include modernising infrastructure, improving digital connectivity, promoting high-valued investment and strengthening governance will contribute to the long-term sustainability of the Malaysian economy, it said.While the challenges remain and some are beyond the control of any specific nation, not doing anything is equally risky as higher food prices pose a burden on consumers’ cost of living, said BNM.
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