Overview
Malaysia’s inflation
cools to 2.0 per cent in July 2023, the lowest for the year
Malaysia’s inflation cools to 2.0 per cent in
July 2023, the lowest for the year with the index points recorded at 130.5 as
against 127.9 in the same month of the previous year. The increase in
Malaysia’s inflation was driven by Restaurants & Hotels (5.0%) and Food
& Non-Alcoholic Beverages (4.4%).
Apart from that, the increase in Malaysia’s
inflation for July 2023 also contributed by the rise in Miscellaneous Goods
& Services by 2.6 per cent followed by Health and Education, both increased
by 2.0 per cent respectively. Furnishing, Household Equipment & Routine
Household Maintenance increased by 1.9 per cent; Housing, Water, Electricity,
Gas & Other Fuels (1.7%) and Recreation Services & Culture (1.1%).
The component of Food at home increased
marginally to 3.0 per cent in July 2023 as compared to 3.2 per cent recorded in the previous month. The increase in the component of Food at home was mainly driven by the increase
in the subgroup of Meat (5.5%); Rice, bread & other cereals (4.5%); Milk,
cheese & eggs (4.3%) and Sugar, jam, honey, chocolate & confectionery (3.5%). Meanwhile, the component of Food away from home also
slowed to 6.2 per cent as compared to 6.8 per cent recorded in June 2023.
The monthly rate headline inflation in July
2023 increased by 0.1 per cent, the lower than recorded in June 2023. This was mainly contributed by Food &
Non-Alcoholic Beverages (0.4%), Restaurants & Hotels (0.3%) and Furnishing,
Household Equipment & Routine Household Maintenance (0.2%). Meanwhile, core
inflation rose by 2.8 per cent as compared to 3.1 per cent recorded in June
2023.
For inflation at the state level, nine states
recorded increases below the national inflation level of 2.0 per cent with
Wilayah Persekutuan Labuan recorded the lowest increase of 1.1 per cent in July
2023. However, six states recorded increases above the national inflation level
namely Pahang (2.6%), Sarawak (2.6%), Wilayah Persekutuan Putrajaya (2.6%),
Perak (2.4%), Selangor (2.4%) and Melaka (2.2%).
In comparison to inflation of other countries,
inflation in Malaysia (2.0%) was lower than inflation in the Eurozone (5.3%), Philippines (4.7%), Singapore (4.1%), United States of America (3.2%), Indonesia (3.1%), Republic
of Korea (2.3%) and Vietnam (2.1%). However, Malaysia’s inflation was higher
than Thailand (0.4%) and China (-0.3%).
For interviews, press statement and clarification to the media, contact:
Baharudin Mohamad
Public Relation Officer
Email: baharudin[at]dosm.gov.my
Phone: 03 8885 7942
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