New task force to address inflation KUALA LUMPUR: Putrajaya will be setting up a special 'Jihad Task Force' to address the issue of inflation. The task force, which has received the Cabinet's nod, was announced by Prime Minister Datuk Seri Ismail Sabri Yaakob today. Among others, the task force will gather information from ministries, agencies and the public to formulate strategies and coordinate actions to resolve inflation-related issues particularly on the control of the increase in prices of goods so that it can be managed more effectively and efficiently. This special task force will function like the Covid-19 Special Task Force which operates by holding two meetings weekly on Mondays and Thursdays, for example. A press conference will be held after each meeting takes place to provide clarification on issues raised by Malaysians. This measure was taken to address the challenges related to the rising costs of living as a result of climate change and geopolitical uncertainties including the Russia-Ukraine war which is expected to continue, affecting the food and fuel commodity markets. Members include Communication and Multimedia Minister Tan Sri Annuar Musa, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, Agriculture and Food Industries Minister Datuk Seri Dr. Ronald Kiandee, Domestic Trade and Consumer Affairs Minister Datuk Sri Alexander Nanta Linggi, Minister in the Prime Minister's Department (Economy) Datuk Sri Mustapa Mohamed and Chief Secretary to the Government Tan Sri Mohd. Zuki Ali. Special officers in each ministry will be appointed as focal or reference point officers to provide immediate feedback to the task force's secretariat headed by the Domestic Trade and Consumer Affairs Ministry. "The government is always working to ensure that the Malaysian Family is not seriously affected as a result of rising inflation around the world." Source: New Straits Times, 29 June 2022 Answer all questions. a) Define inflation and explain how it is measured. (4 marks) b) Inflation affects everyone in an economy. Some people benefit, while others suffer. List any two (2) gainers and two (2) losers of inflation. (2 marks) c) Explain why the government decided to form a "Jihad Task Force." (4 marks)d) With the help of diagrams, explain the two (2) main types of inflation. (6 marks) e) How does tight monetary policy help to control inflation? (4 marks)