Malaysians less worried about inflation, struggle with daily finances

A recent survey conducted by international market research firm Ipsos revealed that Malaysians are less worried about inflation this year compared to last year. The Ipsos Inflation Monitor 2023 found that 66% of Malaysians polled in May believed inflation would rise, which is a 10% decrease from June last year. The survey also noted similar trends in concerns regarding changes in disposable income and unemployment.

Despite the decline in inflation concerns, one in five Malaysians still find it very difficult to cope financially, with more than half just getting by. Only 24% of respondents indicated that they currently live a comfortable lifestyle. Inflation remains a significant issue, as 41% of Malaysians identified it as one of the top problems facing the country.

“Improved optimism is still accompanied by daily hardships, with one in five Malaysians facing financial difficulties and over half just getting by. These perceptions are shared among different income groups in the country,” said Azamat Ababakirov, senior research manager at Ipsos Public Affairs.

In comparison, 54% of Singaporeans were more worried about inflation, while only 16% of Indonesians shared the same concern. The survey also found that 45% of Malaysians believe inflation will return to normal within a year. However, nearly 70% expect the cost of food shopping to increase, although this is a slightly smaller number than in June last year (around 72%).

In April, Ipsos discovered that inflation was no longer the primary concern among Malaysian respondents, with only 36% considering it their top worry, down from the peak of 43% in January 2023. The concern over inflation has been replaced by corruption, with 51% of respondents listing it as their top worry — an increase from 43% in January 2023. This was followed by unemployment and job concerns (35%).