Malaysia’s inflation in August 2024 moderates to 1.9%


KUALA LUMPUR: Malaysia’s inflation in August 2024 moderated to 1.9% compared to a year earlier, slightly less than forecast, according to the Statistics Department (DOSM).

The consumer price index (CPI) rose at a slightly lower rate than market expectations, which had predicted a 2% increase, according to a Reuters poll.

DOSM said the increase of inflation in August 2024 was driven by the incline in the main groups of restaurant & accommodation services (3.2%); personal care, social protection & miscellaneous goods & services (3.2%); housing, water, electricity, gas & other fuels (3.1%) and recreation, sports & culture (2.0%).

Meanwhile, other main groups recorded an increased rate below the overall inflation rate of 1.9%. However, clothing & footwear remained at negative 0.2% in August 2024.

CLICK TO ENLARGECLICK TO ENLARGEChief Statistician Datuk Seri Dr. Mohd Uzir Mahidin noted that at the state level, most states experienced inflation rates below the national rate of 1.9%.

However, four states recorded increases above the national inflation level namely Pulau Pinang (3.3%), Pahang (2.8%), Sarawak (2.5%) and Selangor (2.3%).

All states registered an increase in the inflation of food & beverages. The highest rate was recorded by Selangor at 2.8%, followed by Pulau Pinang (2.7%), Sarawak (2.0%), Pahang (1.9%), Wilayah Persekutuan Putrajaya (1.8%) and Terengganu (1.6%).

Meanwhile, other states showed an increase below the national inflation of food & beverages of 1.6% in August 2024.

DOSM said the overall monthly inflation for August 2024 rose 0.1%, the same rate as recorded in July 2024. The increase was mainly driven by housing, water, electricity, gas & other fuels (0.2%) and health (0.2%).

Meanwhile, core inflation remained at 1.9% in August 2024, the same rate since April 2024.

In comparison to inflation in other selected countries, inflation in Malaysia (1.9%) was lower than inflation in Vietnam (3.5%), the Philippines (3.3%), Indonesia (2.1%) and South Korea (2.0%). However, the rate was higher than China (0.6%) and Thailand (0.4%).

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

Inflation , CPI , Consumer Price Index , DOSM ,

   

Next In Business News

Dollar lingers at six-month peak as US inflation comes in focus
China unveils tax incentives to revive struggling property sector
MClean Technologies gets Bursa Securities nod for proposed private placement
Scientex's subsidiary proposing to establish RM1.5bil sukuk wakalah programme
Aizo secures RM24.1mil infrastructure contract
Ringgit continues to end lower vs US dollar
Pasdec to dispose of industrial land for RM73.5mil
Uzma gets integrated well continuity services contract from PETRONAS
Dayang Enterprise secures two contracts from PETRONAS Carigali
VSTECS optimistic about 4Q, expects strong FY24 finish

Others Also Read