Surge inflation hit the United States (US) and European Union countries. With the exception of the countries in ASEAN.
The increase in inflation was triggered by the Russo-Ukrainian war which had an impact on rising prices for food, commodities, including energy and finance.
Reporting from Reuters on Monday (25/7), Singapore’s inflation jumped to 6.7 percent on an annual basis in June 2022. This figure is the highest level in 14 years or since September 2008.
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This inflation is also higher than economists’ estimates of the neighboring country’s inflation of 6.2 percent.
Meanwhile, Malaysia’s inflation touched 3.4 percent in June 2022. This inflation exceeded economic forecasts that predicted 3.1 percent.
Inflation in June was driven by rising food prices.
Indonesia itself recorded a spike in inflation reaching 4.35 percent in June 2022, the highest since 2017.
In addition to rising food prices, domestic inflation was also driven by price increases regulated by the government, such as fuel oil (BBM) and electricity which were not subsidized by the government.
The highest inflation spike in June 2022 in ASEAN countries was Laos, which was 23.6 percent. Then, Thailand 7.1 percent, the Philippines 6.1 percent.
Meanwhile, Vietnam is still at a relatively controlled level, which is 3.37 percent.
Meanwhile, other ASEAN countries, such as Brunei, have just released inflation data until March 2022 which was recorded at 3.8 percent. Likewise with Cambodia which in March recorded an inflation of 7.2 percent.
Meanwhile, Myanmar has just released inflation data in January 2022 which was recorded at 13.82 percent.
Previously, the World Bank said that the threat of a global economic recession was imminent and difficult for countries to avoid.
In the Global Economic Prospect June 2022 (GEP) report, the World Bank said that high inflationary pressures in many countries were not in line with economic growth.
(mrh/beer)
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