OPR hikes still on the cards despite inflation easing FMTNews FMTBusiness
BNM has paused its OPR hiking cycle at its last two Monetary Policy Committee meetings following four consecutive 25bps increases last year in a bid to tame inflation.
BNM had paused its OPR hiking cycle at its last two MPC meetings following four consecutive 25bps increases last year in a bid to tame inflation and keep pace with the US Federal Reserve’s aggressive interest rate hikes. RHB IB noted that robust domestic demand coupled with prolonged low-interest rates would “continue to fuel core inflation pressures” in the next few months.
“We stick to our call for 3.6% inflation rate in 2023 as we believe food inflation will stay elevated along with possible changes in government policies on subsidies in the 2H2023,” he said in the bank’s latest Macro Insights report.
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