Financial News: Malaysia Inflation Near 1-Year Low

Malaysia Inflation Near 1-Year Low

05/26/2023 - 06:07:00 (RTTNews)

(RTTNews) - Malaysia's consumer price inflation slowed to an 11-month low in April largely driven by transport costs, the Department of Statistics reported Friday.

Consumer prices gained 3.3 percent from the last year in April, after rising 3.4 percent in March. This was the lowest since May 2022, when prices posted a 2.8 percent increase.

Similarly, core inflation that excludes volatile fresh food and administered prices of goods, eased to 3.6 percent from 3.8 percent.

The slowdown in inflation was driven by transport prices, which gained only 2.3 percent.

Restaurants and hotels, and food and non-alcoholic beverages contributed to higher inflation, which climbed 6.6 percent, and 6.3 percent, respectively.

Furnishings, household equipment and routine household maintenance, miscellaneous goods and services, health and recreation services and culture contributed to the increase.

The monthly headline inflation increased marginally at 0.1 percent at the same rate as recorded in the previous month.

Earlier this month, the <a href=https://www.rttnews.com/3360906/malaysia-central-bank-raises-policy-rate-unexpectedly-to-3-00.aspx?refresh=1 target=_blank >central bank</a> unexpectedly raised its benchmark rate by a quarter-point to 3.00 percent to bring down persistently high inflation.

The Bank Negara Malaysia expects both headline and core inflation to moderate over the course of 2023, averaging between 2.8 percent and 3.8 percent.

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