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Financial News: Malaysia Inflation Accelerates More Than Forecast

Malaysia Inflation Accelerates More Than Forecast

06/24/2022 - 02:54:00 (RTTNews)

(RTTNews) - Malaysia's consumer price inflation accelerated at a faster-than-expected pace in May, data from the Department of Statistics showed on Friday.

The consumer price index climbed 2.8 percent year-over-year in May, faster than the 2.3 percent rise in April. Economists had expected inflation to increase to 2.6 percent.

Moreover, the latest inflation was the strongest since December last year, when prices had grown 3.2 percent.

Prices for food and non-alcoholic beverages alone grew 5.2 percent annually in May and transport costs rose 3.9 percent.

Utility costs were 1.2 percent higher in May compared to last year and those for restaurants and hotels registered an increase of 3.7 percent.

The core inflation rose to 2.4 percent in May from 2.1 percent in the prior month.

On a monthly basis, consumer prices went up 0.6 percent in May.

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