KUALA LUMPUR: Malaysia´s annual inflation rate in October was 3.7 percent from a year earlier, government data showed on Friday, moderating from the previous month and lower than forecasts. A Reuters poll had predicted inflation at 4.00 percent, below the 4.3 percent expansion seen in September. Headline inflation reached an eight-year high of 5.1 percent in March, but has since moderated. October´s inflation was driven by higher fuel costs, with the transport index rising 12.1 percent from a year earlier, data from the Statistics Department showed. Malaysia´s central bank expects 2017 inflation to fall within the higher end of its projected range of 3 to 4 percent. KK China cuts import tariffs on food BEIJING/SHANGHAI: China on Friday said it will cut import tariffs on consumer products ranging from meats and whisky to deodorant and cashmere clothes, as part of a drive to lower costs and help stimulate consumer spending at home. The move, which takes effect on Dec. 1, will see deep cuts to import tariffs on 187 imported products. High taxes on imports have traditionally pushed up the price of foreign brands in China and caused consumers to spend more overseas. After the cut, tariffs on the consumer products - which include food, health supplements, pharmaceuticals, garments and recreational products - will average 7.7 percent, down from the current 17.3 percent, the Ministry of Finance said on its website. "People´s consumption demands are ever increasing," the finance ministry said. "(The tax cuts) will benefit the choices available to consumers domestically, and help upgrade the domestic supply system. "In recent years, China has cut import tax rates on products including cosmetics and apparel in a bid to spur domestic spending as Beijing eyes a longer-term shift towards a consumption-driven economy.
