PUTRAJAYA: Minister of economy Rafizi Ramli says the domestic inflation rate is expected to decline to 3.1% or 3.3% by the end of the year.

“All signs point to the fact that we have passed the peak. We hope the inflation rate will continue to fall,” he said at a press conference at his ministry today.

“Factors outside our control should also be taken into consideration, including supply chain disruptions and floods.”

Overall inflation rate has stabilized since the unity government took office last December. However, Rafizi said the government understands that prices are still high compared to the people’s income.

“The government has introduced various measures to help relieve the burden of the people,” he added.

The country’s inflation rate remained at 3.7% in February.