Malaysia plans a record $18 billion subsidy spend in the inflation fight.
Malaysia is expected to spend 77.3 billion ringgit ($17.6 billion) in subsidies and cash aid this year, an immense amount in history, to help temper the effects of rising prices, its finance minister said on Saturday.
Prices of goods have jumped in Malaysia in recent months due to supply chain disruptions, labor shortages, and the impact of the war in Ukraine.
Government data showed that government data showed that food inflation rose 5.2% from a year earlier in May, the highest since November 2011.
Malaysia plans a record $18 billion subsidy
Malaysia is projected to spend 51 billion ringgit on consumer subsidies, including fuel, electricity, and food, assuming that commodity market prices remain at current levels, Finance Minister Tengku Zafrul Aziz said in a statement.
He said the government would also distribute 11.7 billion ringgit in cash aid and 14.6 billion ringgit in other subsidies.
Malaysia said on Wednesday that it would disburse nearly $400 million this month to help households cope with rising food and living costs.
Earlier this month, it said an increase in government revenue from rising commodity prices was insufficient to offset an expected spike in subsidy spending this year.
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