Inflation falls for eighth month in October


Malaysia’s inflation rate in October fell for the eighth month, down by 1.5% on-year due to lower fuel prices.

KUALA LUMPUR: Malaysia’s inflation rate in October fell for the eighth month, down by 1.5% on-year due to lower fuel prices,based on the Statistics Department data.

According to the statement on Wednesday, the decline in the Consumer Price Index (CPI) was faster than a Reuters’ poll of a fall of 1.4%. In September, the CPI fell by 1.4%.

Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said the CPI declined by 1.5% in October to 120.2 as against 122.0.

The decrease in the overall index was due to the decline in transport (-10.2%); housing, water, electricity, gas & other Fuels (-3%) and clothing & footwear (-0.4%) which contributed 41.6% to overall weight, he said.

“Out of 552 items covered in CPI, 337 items showed an increase in October 2020 as against October 2019. On the contrary, 150 items declined while 65 items were unchanged, ” he said.

Mohd Uzir said based on the performance of 552 items by category of goods and services, non-durable goods (296 items) is a category that experienced the most price increase with 208 items, 73 items decrease and 15 items unchanged as compared to services, semi-durable goods and durable goods.

He said the index for food & non-alcoholic beverages increased by 1.5% to 135.3 from 133.3 a year ago. This group contributes 29.5% of the weightage in the CPI.

Mohd Uzir said the CPI without fuel was up 0.1% in October. CPI without fuel covers all goods and services except Unleaded Petrol RON95, Unleaded Petrol RON97 and Diesel”.

He also said the CPI for January to October 2020 decreased by 1% as compared to the same period last year due to transport, housing, water, electricity, gas & other fuels (-1.5%) and clothing & footwear (-0.8%).

“Although year-on-year CPI decreased, CPI on monthly basis increased by 0.1% as compared to September 2020, he said, adding the increase was due to alcoholic beverages & tobacco (0.1%), recreation services & culture (0.1%) and health (0.1%).

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

consumer price index , infaltion , fuel

   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Business News

Biden's return to Paris pact just a first step for US climate action
UK will submit request to join CPTPP trading bloc soon
Oil price rises on US stimulus hopes, tighter market under Biden
Netflix Stock Soars to All-Time High on Q4 Subscriber Beat, Cash Flow Guidance
Wall Street closes at record highs as earnings jump, Biden inaugurated
Keeping the rate cut option
Malaysia Aviation Group moves forward in its revamp exercise
Double-digit earnings growth for most sectors
MAHB earmarks RM400mil for capex
MDEC appoints Nora Junita as chief financial officer

Stories You'll Enjoy