There were material changes towards the end of the first quarter and the beginning of second quarter of 2018. On the global front, the attractiveness of the US economy was highlighted by both its fiscal and monetary policy adjustments, including rising interest rates. This caused a migration of portfolio investments seen in the decline in ASEAN 5 equities markets leading to increased market volatility.
This likewise contributed to elevated exchange rate pressures. In addition, the continued rise in global oil prices and the price effect brought about by scarcity of the NFA rice provided key impetus for higher levels of inflation.