Overview

Malaysia’s Producer Price Index slipped to negative 1.3 per cent in December 2023

• Malaysia’s Producer Price Index (PPI) which measures the prices of goods at the factory gate, continued to decrease negative 1.3 per cent in December 2023 compared to negative 1.5 per cent in November 2023.

• The decrease was attributed to the Mining sector, which decreased by negative 3.4 per cent (November 2023: -4.7%) due to Extraction of natural gas (-7.8%). The Manufacturing sector continued to drop by negative 1.5 per cent (November 2023: -1.4%) owing to the Manufacture of coke & refined petroleum products (-12.3%).  The Electricity & gas supply sector also went down by negative 0.6 per cent, similar to the previous month. On the other hand, the Agriculture, forestry & fishing sector increased by 1.3 per cent (November 2023: 0.4%) due to Animal production (6.3%). At the same time, the Water supply index also went up 0.4 per cent in this month.

• On a monthly basis, PPI further decreased by negative 0.2 per cent in December 2023 as compared to negative 0.7 per cent in the previous month. Except for the Agriculture, forestry & fishing sector which remained unchanged, all other sectors recorded a decline in this month. The Mining sector fell negative 1.6 per cent with the Extraction of crude petroleum (-5.1%) index posting a decrease. At the same time, the Manufacturing sector declined negative 0.1 per cent (November 2023: -0.5%) affected by the index of Manufacture of coke & refined petroleum products (-1.8%). For the utility sector, Electricity & gas and Water supply indices decreased by negative 0.3 per cent and negative 0.4 per cent, respectively.

• In terms of stage of processing, the index of Crude materials for further processing index increased by 0.4 per cent in this month (November 2023: 0.3%), while the Finished goods index inclined by 1.1 per cent (November 2023: 1.7%). By contrast, the Intermediate materials, supplies & components index decreased by negative 3.0 per cent (November 2023: -3.4%).

• On a monthly basis, Finished goods and Intermediate materials, supplies & components indices increased by 0.3 per cent and 0.2 per cent, respectively. Meanwhile, Crude materials for further processing index declined by negative 0.2 per cent.

• In the fourth quarter of 2023, PPI recorded a decrease of negative 1.0 per cent (Q3 2023: -1.4%). Meanwhile, quarter-on-quarter showed that the PPI also slightly decreased by negative 0.3 per cent as compared to 0.2 per cent in the third quarter of 2023. Overall, PPI went down by negative 1.9 per cent by 2023 after an increase of 7.8 per cent in 2022.

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