Services producer price index up 1% in 4Q23

KUALA LUMPUR: Malaysia's Services Producer Price Index (SPPI) increased 1.0 per cent year-on-year in the fourth quarter (4Q) of 2023 to average 115.5 points compared to 1.4 per cent in the third quarter (3Q), said the Department of Statistics Malaysia.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said most subsectors recorded an increase in the quarter under review.

“The arts, entertainment and recreation subsector rose by 5.5 per cent (Q3 2023: 0.8 per cent), attributed to an increase in gambling and betting activities (6.2 per cent).

“Accommodation and food and beverage service activities went up by 3.4 per cent (Q3 2023: 4.6 per cent) due to increases recorded by beverage service activities (4.0 per cent) and restaurants and mobile food service activities (3.8 per cent),” he said in a statement today.

Mohd Uzir said other subsectors that recorded marginal growth were education (1.0 per cent), real estate activities (0.6 per cent), health (0.3 per cent) and professional (0.2 per cent).

However, the transportation index saw a decline of 0.5 per cent, particularly due to passenger air transport (-2.7 per cent).

Meanwhile, the index of information and communication was unchanged, he said.

On an annual basis, the SPPI increased by 2.1 per cent in 2023, which was similar to the previous year.

“With the exception of information and communication which remained unchanged, all other subsectors recorded an increase in 2023,” said Mohd Uzir.

On a quarter-on-quarter comparison, he said, the SPPI edged up by 0.1 per cent compared to the 0.4 per cent recorded in the previous quarter. - Bernama