21 Mar '11, 4am

M'sia's inflation up 2.4% due to rising oil prices

Kuala Lumpur (The Star/ANN) - Escalating oil prices contributed to a higher inflation rate in Malaysia this January, said Deputy Finance Minister Donald Lim Siang Chai . This, in turn, resulted in higher prices for the property and food industries, he added. Malaysia's consumer price index went up 2.4% during the first month this year, which surpassed the 2.2% in December last year. Lim attributed the hike to the rising fuel prices, saying the spike to almost US$100 per barrel was "too fast". "Although inflation was not evident in most industries, it was noticeable in food and real estate. "Inflation in the food industry was between 4% and 5%," he said after officiating at the Federation of Textiles, General Goods and Garment Merchants Association Malaysia annual meeting. Lim noted the Government had implemented several measures to cope with inflation, such as limiting hou...

Full article: http://sg.news.yahoo.com/msias-inflation-2-4-due-rising-o...

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