Overview

Malaysia’s Producer Price Index increased 0.3 per cent in February 2024

• Malaysia’s Producer Price Index (PPI) increased by 0.3 per cent in February 2024 from a negative 0.6 per cent in January 2024.

• The Agriculture, forestry & fishing sector inclined 6.0 per cent (January 2024: 3.2%), contributed by Growing of perennial crops (8.1%), Fishing (7.5%) and Animal production (4.3%) indices. At the same time, the Mining sector recorded an increase of 5.3 per cent (January 2024: -1.3%) with the index of Extraction of crude petroleum posting a 7.9 per cent increase. The Water supply index went up 3.6 per cent in February 2024 (January 2024: 0.6%) following the increase in water tariffs across the country starting on 1st February 2024. The Electricity & gas supply sector also slightly up by 0.1 per cent in this month (January 2024: -0.8%). Meanwhile, the Manufacturing sector continued to decline by negative 0.7 per cent (January 2024: -0.9%) attributed to the drop in Manufacture of coke & refined petroleum products (-12.6%) and Manufacture of food products (-3.3%) indices.

• On a monthly basis, PPI Local Production increased by 0.7 per cent after a decline of 0.1 per cent in the previous month. The Manufacturing sector remained unchanged, while all other sectors recorded an increase in this month. The Mining sector went up 5.7 per cent with the increase in both Extraction of crude petroleum (5.8%) and Extraction of natural gas (5.2%) indices. The Agriculture, forestry & fishing sector rose 2.6 per cent due to Growing of perennial crops (4.3%) and Fishing (3.7%). For the utility sector, both Electricity & gas supply and Water supply increased by 0.9 per cent and 2.7 per cent, respectively in February 2024.

• In terms of stage of processing, the Crude materials for further processing index increased by 5.6 per cent in February 2024 (January 2024: 2.3%), with the Non-food materials index posting an increase of 6.0 per cent. The Finished goods index inched up by 1.1 per cent (January 2024: 0.5%), attributed to the increase in the Capital equipment (2.9%) index. On the other hand, the Intermediate materials, supplies & components index continued to decrease by negative 1.7 per cent (January 2024: -2.0%) due to Processed fuel & lubricants (-13.0%) and Materials & components for manufacturing (-0.5%) indices.

• On a monthly basis, all index posted an increase in this month. The Crude materials for further processing edged up by 2.7 per cent, while Finished goods and Intermediate materials, supplies & components indices increased by 0.7 per cent and 0.1 per cent, respectively.

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