Fahmi refutes reports on price increase come August

The Communications and Digital Minister said the country's inflation rate has shown a downward trend, adding that some economic indicators this year are showing better performance than the previous year.

"I saw reports from several media outlets today that in August prices of goods will increase by 20 per cent. How did they predict that, who did they consult? Are they Nujum Pak Belalang (clairvoyant) who knows that come August the prices will go up?" he said.

He said this at the launching ceremony of PKR's main operations room and election machinery for the Batu Tiga state constituency, here last night.

Fahmi explained the efforts implemented by the Unity Government have succeeded in lowering the inflation rate linked to the increase in the price of goods from 3.3 per cent in April to 2.8 per cent in May.

"Secondly, the first quarter of this year witnessed a robust economic growth of 5.6 per cent and this rate is vigorous compared to the rates in China, Singapore and Indonesia," he said.

According to him in the first three months of this year, due to political stability, the country recorded approximately RM71 billion of foreign investments, higher than the RM44 billion recorded in the same period last year and the investments are expected to increase including a huge investment from the Saudi Arabian government.

Therefore, he said, the PH and Barisan Nasional (BN) machinery should work hard to convey to the people the government's efforts and achievements in developing the national economy.