Overview
Malaysia’s
Producer Price Index decreased by 1.9 per cent, while Services Price Index
continued to increase by 2.1 per cent in 2023
Producer Price Index (PPI) Local Production
- PPI Local Production
decreased by 1.9 per cent in 2023 (2022: 7.8%) mainly due to the contraction in
the Agriculture, forestry & fishing by 13.8 per cent from an increase of
1.3 per cent in 2022. As the largest component in this sector, the double-digit
declined in the Growing of perennial crops index by negative 23.1 per cent (2022:
-0.7%) led to the downturn of the overall sector. The Mining sector also
decreased by 5.9 per cent as compared to 12.6 per cent in 2022. The Extraction
of crude petroleum decreased by double-digit of 10.1 per cent after an increase
of 6.4 per cent in 2022. Meanwhile, the Extraction of natural gas increased at
a slower rate of 9.9 per cent as against 43.7 per cent in 2022.
- In the meantime, the
Manufacturing sector recorded a marginal decrease of 0.2 per cent as against
8.4 per cent increase in 2022. The decrease was underpinned by the decline in
the index of Manufacture of food products (-5.9%), Manufacture of coke &
refined petroleum products (-5.4%) and Manufacture of chemicals & chemical
products (-3.3%). However, the decrease in this sector was balanced with the
incline in Manufacture of motor vehicles, trailers and semi-trailers (8.9%) and
Manufacture of computer, electronic & optical products (6.9%). Meanwhile,
the utility sector remained positive in 2023, with Electricity & gas supply
and Water supply increased by 0.4 per cent and 2.4 per cent, respectively.
- The Intermediate materials,
supplies & components index rebounded to negative 1.2 per cent from 10.9
per cent increase in 2022, and the index of Crude materials for further
processing declined by 9.6 per cent from an increase of 6.2 per cent in 2022.
Meanwhile, Finished goods index increased by 3.1 per cent in 2023 as compared
to 1.8 per cent in 2022.
Services Producer Price Index (SPPI)
- SPPI recorded an increase
of 2.1 per cent, the same rate as recorded in 2022. All subsectors recorded an
increase this year, except the Information & communication, which remained
unchanged. Accommodation and food & beverage service activities subsector
rose by 5.6 per cent (2022: 5.4%), while Transportation went up by 2.9 per cent
(2022:3.0%). Concurrently, the other subsectors that recorded increases were
Arts, entertainment & recreation (2.3%), Education (1.0%), Professional
(0.4%), Health (0.3%) and Real estate activities (0.2%).
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