IMF: Malaysia’s inflation could reach up to 8pc as Russian-Ukrainian conflict, supply bottleneck squeeze prices
KUALA LUMPUR, April 28 — Emerging economies like Malaysia could see inflation skyrocket up to 8 per cent this year as the war in Ukraine is expected to keep energy costs up while a persistent global supply bottleneck hinders growth, according to an IMF forecast.
“This was a main inflation driver in Europe and, to a lesser extent, the United States,” the IMF said. Malaysia, a net food importer, is one of many countries hit by surging food prices, adding burden to consumers still reeling from the pandemic. The IMF said inflation could hit 8.7 per cent this year, the fastest clip since the global financial crisis in 2008, but expects the effect to be one-off.The IMF said supply bottlenecks have also helped elevate inflation, as manufacturers and producers struggle to meet a rebound in global demand because of factory closure, port restrictions, shipping congestion, container shortages and worker absences.
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