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Financial News: Malaysia Consumer Price Inflation Rise In July

Malaysia Consumer Price Inflation Rise In July

08/29/2022 - 06:20:00 (RTTNews)

(RTTNews) - Malaysia's consumer price inflation increased in July, amid a rise in food prices, data from the Department of Statistics showed on Monday.

The consumer price index rose 4.4 percent year-on-year in July, following a 3.4 percent increase in June. This was in line with economists' expectation.

The latest growth in inflation was mainly due to the lower base effect last year, due to the electricity bill discount from 5 to 40 percent according to total usage given to domestic consumers under the National People's Well-Being and Economic Recovery Package from July to September 2021, the agency said.

Prices for food and non-alcoholic beverages grew 6.9 percent annually in July after a 6.1 percent increase in the previous month.

Prices in restaurants and hotels increased 5.8 percent and transport costs rose 5.6 percent.

Furnishings, household equipment and routine household maintenance prices grew 4.0 percent and the housing, water, electricity, gas and other fuels costs gained 3.8 percent.

The core inflation rose to 3.4 percent in July from 3.0 percent in the prior month.

Separate data from the statistical office showed that the producer prices increased 7.6 percent annually in July, after a 10.9 percent growth in June.

Prices for manufacturing rose 9.9 percent in July, after a 10.0 percent growth in June. The mining index gained 9.0 percent, slower than 17.5 percent in the prior month.

On a monthly basis, producer prices declined 2.3 percent in July, following a 0.1 percent fall in the previous month.

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