Malaysia’s central bank has raised its benchmark interest rate for the second straight meeting as it battles inflation. It lifted its overnight policy rate by 0.25 percentage points to 2.25%, after raising it from a historical low of 1.75% at its last meeting. The hike marks Malaysia’s first back-to-back rise in more than a decade. Malaysia’s latest inflation at 2.8% appears low compared to other countries. But the finance minister has warned that inflation could have exceeded 11% in May, without subsidies that include price caps on chicken and eggs.
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