Malaysia's inflation is up in February 2024

Malaysia’s inflation up 1.8% in February

PETALING JAYA: Malaysia’s inflation increased by 1.8%in February 2024 with the index points recorded at 132.1 against 129.8 a year earlier, according to the statistics department.

Chief statistician Uzir Mahidin said the increase in inflation was driven by housing, water, electricity, gas, and other fuels (2.7%); recreation, sport, and culture (1.6%), and transport (1.2%).

“However, the other main groups that recorded a slower increase were restaurant and accommodation services (2.9%), health (2.2%), food and beverages (F&B) (1.9%) and education (1.5%).

“The F&B group, which contributes 29.8% of the total consumer price index (CPI) weightage, recorded a slower increase of 1.9% in February 2024 compared to 2% in January 2024,” he said in a statement today.

Uzir said the monthly inflation continued to show an increase of 0.5% (January 2024: 0.2%) with housing, water, electricity, gas and other fuels; restaurant and accommodation services; and transport posting increases of 1.3%, 0.6% and 0.4%, respectively.

Core inflation increased at the same rate as January 2024 at 1.8% due to increases in F&B, restaurant and accommodation services, which recorded expansion of 3.1% and 2.9%, respectively, in February.

Malaysia’s 1.8% inflation rate was lower than Vietnam’s (4.0%), Philippines (3.4%), the US (3.2%), South Korea (3.1%) and Indonesia (2.8%).

It was higher than China’s (0.7%) and Thailand’s (-0.8%).

Posted on 26-Mar-2024