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Financial News: Malaysia Inflation Accelerates On Higher Food Cost

Malaysia Inflation Accelerates On Higher Food Cost

09/23/2022 - 02:41:00 (RTTNews)

(RTTNews) - Malaysia's consumer prices grew at the fastest pace in more than a year in August on higher food prices, data released by the Department of Statistics showed on Friday.

Consumer price inflation rose to 4.7 percent in August from 4.4 percent in July. A similar higher rate was last reported in April 2021 and also matched economists' expectations.

The increase was driven by the 7.2 percent rise in food and non-alcoholic beverages prices. In addition, transport costs gained 5.2 percent and housing, water, electricity, gas and other fuel prices moved up 4.1 percent.

Core inflation that excludes volatile items of fresh food and administered goods, rose to 3.8 percent from 3.4 percent.

However, the monthly rise in consumer prices moderated to 0.2 percent in August from 0.4 percent in July.

During January to August, consumer prices grew 3.1 percent from the same period last year. Inflation still remained within the range forecasted by Bank Negara Malaysia, 2.2 to 3.2 percent for the full year of 2022.

Earlier this month, Bank Negara Malaysia raised its key interest rate by a quarter-point for the third consecutive time to tame high inflation.

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