OPR hike or not, we have to manage our finances diligently

While efforts have been made to control excess cash and normalise demand, people are still waiting for the situation to improve.

The inflation rate, especially for food, rose by 7.3 per cent in November 2022, a steady month-on-month increase. This resulted in the prices of some items rising by more than 100 per cent last year, leading to an intense discussion on food security.

An OPR increase can tighten cash flow for the average person on the street, especially for those with a car or housing loan, or both. The same goes for personal loans. In short, loans cost more nowadays because the cost of money has increased. This has resulted in financial liquidity drying up for many.

The report ranked the cost of living as the most severe global risk following the prolonged economic closure induced by the COVID-19 pandemic, supply chain disruption due to the Russia-Ukraine war and export restrictions. Each of these caused inflation to spike. On the savings landscape, a RinggitPlus study showed that seven out of 10 Malaysians saved less than RM500 per month, with many unable to save a single cent.

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