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Malaysia’s inflation increased at a slower rate of
1.8 per cent in 2024
Malaysia’s inflation
increased at a slower rate of 1.8 per cent in 2024 with the index points stood
at 132.8 as against 130.4 in the previous year. All groups recorded increases
in 2024 except for Information & Communication (-1.5%) and Clothing &
Footwear (-0.3%). The slower increase in Malaysia’s inflation was driven by the
Restaurants & Accommodation Services (3.1%); Food & Beverages (2.0%);
Health (1.8%); Education (1.5%); Transport (1.0%) and Furnishings, Household
Equipment & Routine Household Maintenance group (0.7%). Meanwhile, the
Housing, Water, Electricity, Gas & Other Fuels (3.0%); Personal Care,
Social Protection & Miscellaneous Goods & Services (3.0%); Recreation,
Sports & Culture (1.8%); Alcoholic Beverages & Tobacco (0.7%) and
Insurance & Financial Services group (0.3%) recorded a higher increase as
compared to the previous year.
Most states registered a
slower increase in inflation, with four states exceeding the national inflation
rate of 1.8 per cent in 2024 namely Pulau Pinang (3.0%), Pahang (2.4%), Sarawak
(2.4%) and Selangor (2.1%). Meanwhile, Wilayah Persekutuan Labuan recorded the
lowest increase at 0.7 per cent. All states recorded a slower increase in the
inflation of Food & Beverages group in 2024. The highest increase was
recorded by Selangor (3.3%), followed by Pulau Pinang (2.7%), Wilayah
Persekutuan Putrajaya (2.4%) and Pahang (2.0%). Meanwhile, other states showed
an increase below the national inflation Food & Beverages group, which was
2.0 per cent in 2024.
In terms of inflation for
urban and rural areas, the inflation for urban area recorded a slower increase
of 1.8 per cent as compared to 2.6 per cent recorded in 2023. Among the groups
that contributed to the increase were Restaurants & Accommodation Services,
3.2 per cent (2023: 5.9%); Food & Beverages, 2.1 per cent (2023: 5.1%) and
Health, 2.0 per cent (2023: 2.2%). Concurrently, inflation in rural area also
moderated to 1.7 per cent in 2024 (2023: 2.1%). This increase was mainly due to
the inflation of Food & Beverages, 1.7 per cent (2023: 3.6%); Health, 1.0
per cent (2023: 1.6%) and Transport, 0.9 per cent (2023: 1.1%). The core
inflation increased at 1.8 per cent in 2024 as compared to 3.0 per cent in the
previous year. Among the groups that contributed to the increase were
Restaurant & Accommodation Services (3.1%), Food & Beverages (3.0%) and
Personal Care, Social Protection & Miscellaneous Goods & Services
(3.0%).
The inflation rate in ASEAN countries ranged from negative 0.4 per cent to 23.1 per cent in 2024. Lao P.D.R recorded the highest inflation at 23.1 per cent, while Brunei Darussalam recorded the lowest inflation at negative 0.4 per cent. Five countries registered an inflation rate higher than Malaysia (1.8%) namely Lao P.D.R, Viet Nam, Philippines, Singapore and Indonesia. Meanwhile, Cambodia, Thailand and Brunei Darussalam recorded inflation rates lower than Malaysia.
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