Prices Expected To Drop Without 6% GST

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Important that businesses pass the benefits to the rakyat.

Bank Negara Malaysia anticipate the prices of goods and services to drop after the goods and services tax (GST) is zero-rated on June 1.

Bank Negara governor Muhammad Ibrahim said it was important for the relevant authorities to ensure that businesses passed the benefits to the public.

“More likely than not, it will have an impact on inflation but it is too early for us to calculate (the inflation rate) right now.

“The inflation rate for the first quarter is set between 2% and 3%, but with the information coming in, we will look at it again.

“If need be, we will revise the rate,” he told reporters after announcing the first quarter GDP today.