KUALA LUMPUR: Malaysia’s inflation rose 1.8% in September 2024 from the previous year, slower than expected.
According to a Reuters survey, economists expected the index to rise by 1.9% year-on-year in September, matching the rate from the previous month.
In a statement, the Statistics Department (DOSM) said the inflation index points in September stood at 133.2 as against 130.8 in the same month of the previous year.
It said the increase of inflation in September 2024 was driven by the slower increase in the main groups of personal care, social protection & miscellaneous goods & services (3.1%). This was followed by transport (1.1%); alcoholic beverages & tobacco (0.8%); furnishings, household equipment & routine household maintenance (0.6%) and information & communication (0.4%). Meanwhile, clothing & footwear remained in negative territory at negative 0.3%.
Inflation for recreation, sport & culture (2.1%) increased higher in September 2024 due to the increase in inflation for the main subgroup of recreational services at 4.0%.
The food and beverages group which contributes 29.8% of the total consumer price index (CPI) weight increased by 1.6% in September 2024, the same rate as recorded in August 2024.
“The overall monthly inflation for September 2024 remained unchanged as against in August 2024,” DOSM said.
At the state level, most states recorded inflation increases below the national rate of 1.8%. However, four states experienced inflation rates above the national level: Pulau Pinang (3.1%), Pahang (2.7%), Sarawak (2.3%), and Selangor (2.3%).
Compared to inflation in other selected countries, Malaysia's inflation rate of 1.8% is lower than that of Vietnam (2.6%) and the Philippines (1.9%). However, it is higher than the rates in the South Korea (1.6%), Thailand (0.6%), and China (0.4%).
