Malaysia's Feb inflation comes in at 1.8%


KUALA LUMPUR: Malaysia's inflation rose 1.8% to 132.1 in February 2024, defying expectations the consumer price index (CPI) would trend lower.

The increase in the CPI was above the 1.5% recorded in January and higher than the 1.4% median estimate of economists polled by Reuters.

The National Statistics Department said the increase in inflation was driven by housing, water, electricity gas and other fuels, which rose 2.7%.

The other leading inflation groups were recreation, sport and culture, up 1.6% and transport, climbing 1.2%.

"However, the other main groups recorded a slower increase were restaurant and accommodation services (2.9%), health (2.2%), food and beverages (1.9%) and education (1.5%)," it said in a statement.

According to chief statistician Datuk Seri Mohd Uzir Mahidin, the hike in water prices was owing to the adjustment in water tariffs for domestic users in Peninsular Malaysia and Labuan.

"Meanwhile, the increase of inflation for transport was driven by the main subgroups of operation of personal transport equipment which increased by 1.3% (January 2024: 1.2%) and Passenger transport services 1.7% (January 2024: -4.5%)," he said.

Overall, monthly inflation in February 2024 showed an increase of 0.5% as compared to 0.2% in January.

Core inflation in February remained the same as in January at 1.8%, due to the food and beverages and restaurant and accommodation services, which recorded increases of 3.1% and 2.9% respectively during the month.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

CPI , inflation , consumer , food , transport , energy , utility

   

Next In Business News

YTL Corp unit inks agreement to acquire shares in NSL for RM792.32mil
Coca-Cola lifts annual forecasts as price hikes fail to dampen soda demand
Some investors demand change at LVMH after probe into Dior contractors
Tropicana to sell Tropicana Gardens Mall to IOI Properties for RM680mil
Axis REIT records higher 2Q net profit of RM38.95mil
Ringgit stays higher against greenback ahead of Malaysia's CPI data
Etiqa Group appoints Fauziah Hisham as first woman chairperson
DPS enters JV for agro-tourism and RE development in Melaka
AR-REIT’s NAV falls to RM1.266 after revaluation of assets
Uzma’s Thai subsidiary secures RM19mil contract with PTTEP

Others Also Read