In general, high inflation has a negative impact on the economy. Prices rise more than wages, lowering people's and companies' purchasing power. As a result, the gross domestic product (GDP) is growing at a slower pace (GDP). It also lowers the worth of the currency. The first approach is to raise liquidity ratios, which are the minimum amounts of money that banks must have on hand to fund withdrawals. The more money banks must have in reserve, the less money they will lend to borrowers. Consumers can borrow less if they have less money to lend, resulting in lower consumption. The second approach is to decrease the money supply directly or implicitly by enacting measures that promote the reduction of the money supply. For example, calling in government debts and raising bond interest rates. The latter approach lifts the currency's exchange rate due to increased demand, which increases imports and reduces exports. Both measures would lower the amount of money in circulation and the money will be transferred from the accounts of banks, corporations, and consumers to the government's hands, where it will be able to monitor what happens to it. (Kramer, 2021)         

Reference

Zainul, E. (2021, March 31). BNM: Cost-push factors to spur Malaysia's inflation at
     2.5%-4% in 2021. https://www.theedgemarkets.com/article/headline-inflation-
     temporarily-spike-2q-and-average-between-25-and-4-2021-%E2%80%94-
bnm#:~:text=KUALA%20LUMPUR%20(March%2031)%3A,prices%20besides%20the%20lapse%20of

Kramer, L. (2021). How Do Governments Reduce Inflation?
     https://www.investopedia.com/ask/answers/111314/what-methods-can- 
     government-use-control-inflation.asp#:~:text=Governments%20can%20use%20wage%20and,prices%20and%20increased%20interest%20rates

Recommendation
Inflation is monitored by central banks in developing economies, including the Federal Reserve in the United States. The Federal Reserve has a 2% inflation goal and changes monetary policy to fight it if rates escalate too high or too fast.  Governments will maximize the amount of net revenue for both corporations and households by enacting expansionary fiscal policies. Businesses can spend tax reductions on capital projects, employee benefits, or new jobs if the government lowers taxes. Additionally, customers have the option of purchasing more products. Increased government investment in infrastructure programs may also help to boost the economy. Consequently, demand for goods and services could rise, resulting in price increases. Central banks can lower interest rates by pursuing an expansionary monetary strategy. Central banks, such as the Federal Reserve, will reduce the cost of lending for banks, allowing them to lend more money to firms and customers. More capital is available in the country, which contributes to increased investment and demand for goods and services. (Boyle, 2021)

Reference
The UK government’s COVID spending may lead to inflation. (2020). The
      Conversation. https://theconversation.com/the-uk-governments-covid-
      spending may-lead-to- inflation-150405

Boyle, M, J. (2021). What Causes Inflation and Who Profits From It?
     https://www.investopedia.com/ask/answers/111314/what-causes-inflation-
     and-does-anyone-gain-
it.asp#:~:text=Inflation%20can%20occur%20when%20prices,pay%20more%20for%20the%20product 

Because of the local traders' behavior, the value of the ringgit has fallen and continues to fall. By raising the price of a good, the value of a good that may formerly be purchased in a certain quantity has decreased, resulting in the purchase of the same good in a smaller quantity than before. It was also caused by speculative demand from economists. The news that potential prices will rise causes consumers to purchase goods in vast quantities, causing those goods to become less in demand than normal. To minimize demand, local retailers conceal inventory and raise prices, causing the inflation rate to rise. BNM uses three methods to regulate inflation. The first is monetary policy. Monetary policies are policies that are used to control the money supply to keep the economy stable. Open market operations, formal reserve requirements, discount rates, and moral suasion are examples of monetary policy instruments. The discount rate would also be used. The discount rate on loans and the interest charge on reserves to commercial banks would be influenced by BNM. If inflation rises, the BNM would raise the discount rate charge to deter banks from making loans and borrowing reserves, reducing the flow of money in the economy. The role of BNM in bank policies and operations is known as moral suasion. They usually send orders and directions to commercial and financial institutions about how to manage inflation. (UKEssays, 2018)

Reference
Jalil, A., & Kamel, H. (2021). Malaysia records positive inflation, OPR expected to
      remain unchanged. The Malaysian Reserve.
      https://themalaysianreserve.com/2021/03/25/malaysia-records-positive-
      inflation-opr-expected-to-remain-unchanged/

UKEssays. (November 2018). The rate of inflation in Malaysia. Retrieved from
     https://www.ukessays.com/essays/economics/the-rate-of-inflation-in-
     malaysia-economics-essay.php?vref=1

The supply-side strategy aims to boost long-term growth and competition. Privatization and reform, for example, have the potential to boost the company's productivity. Supply-side strategies will also help to reduce inflationary expectations in the long term. Supply-side policies, on the other hand, have several long-term implications. They cannot be used to combat the recent spike in inflation. Furthermore, This is a demand-side approach that works similarly to fiscal policy. To control the level of aggregate demand, fiscal policy entails changing government tax and expenditure levels. The government should raise taxes and cut government spending to alleviate inflationary pressures. As a result, overall demand will be reduced. Besides, The government's policy influences the extent of its currency's exchange rate. It may choose to manipulate the exchange rate by buying and selling currencies with its gold reserves and foreign currency from its central bank. It can also manipulate the value of the currency by interest rates such as monetary policy. (UKEssays, 2018)

Reference
Leo, L. (2021). Singapore core inflation turns positive for the first time after a year.
     CNA. https://www.channelnewsasia.com/news/business/singapore-core-
     inflation-increases-february-cpi-services-food-14470388

UKEssays. (November 2018). Major Causes Of Inflation In Singapore. Retrieved
     from https://www.ukessays.com/essays/economics/major-causes-of-inflation-
     in-singapore-economics-essay.php?vref=1