Malaysians are currently more concerned about inflation than about Covid-19

[ASEAN NOW Content Team]

 

According to a survey done by Ipsos Malaysia, as concerns about the Covid-19 outbreak fade, Malaysians are now more concerned about inflation.

alaysia," found that the amount of Malaysians concerned about Covid-19 has decreased from 85 percent in April 2020 to 31 percent in May 2022.

Meanwhile, the percentage of respondents who are concerned about inflation has risen to 27% this month, the highest level since the survey began in April 2020.

 

"As Malaysia enters the endemic phase and the country opens up," says Lars Erik Lie, Associate Director of Ipsos Malaysia Public Affairs. "There's been a dramatic decline in people's fear about Covid-19; worry about the virus is at its lowest level since the beginning of the epidemic."

According to the survey, as the 'new normal' gives way to the 'old normal,' comfort with spending on both household and large products is at an all-time high.

"With the recovery in consumer demand, as well as heightened supply chain pressures brought on by global events such as the Ukraine conflict, inflation fears are on the rise."

 

"Financial or political corruption is the top concern among Malaysians these days, with 53% of respondents concerned, up 5% from the previous month.
For this topic, the Global Country Average (GCA) is 24 percent "According to the poll results,

The next biggest source of concern is unemployment, which fell 3% this month to 34%, somewhat higher than the GCA of 27%.

Following that are concerns regarding Covid-19 (31% nationwide, as previously indicated, with a GCA of 16%), poverty and social inequality (30% nationally, with a GCA of 31%), and inflation (as mentioned, 27 per cent nationally, and a GCA of 34 per cent).

 

Malaysians' spending comfort has improved in the last six months, according to the report, which reveals that it fell last year from 43% in November to 38% in December for household goods.
It is now at 44% as of May 2022.

Major purchase data shows a similar pattern, with 40% for this month, up from 20% in June of previous year.

"Comfort with both household and large purchases is at its best level in a year," according to Ipsos Malaysia.

 

Due to anticipation of higher food inflation as a result of rising global commodity prices, MIDF Research boosted its Consumer Price Index (CPI) forecast for the year to 2.5 percent from 2.1 percent just last month.

"Headline inflation is estimated to average between 2.2 percent and 3.2 percent in 2022," Bank Negara Malaysia stated in a statement on May 11.

Given the recovery in economic activity despite continuing cost pressures, underlying inflation, as measured by core inflation, is likely to rise in 2022, averaging 2.0% to 3.0%.

 

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Edited May 19, 2022 by ASEAN NOW Content Team

[sanmyintmaung]

This news should be posted in Malaysia forum.