The Department Of Statistics Malaysia (DOSM) revealed today (Feb 24) that Malaysia’s inflation in January 2023 eased to 3.7 per cent as compared to 3.8 per cent in December 2022 with the index recording 129.5 as against 124.9 in the same month of the preceding year.
The slower increase was recorded since October 2022.
DOSM’s Consumer Price Index Malaysia January 2023 report released at noon found that the increase in Malaysia’s inflation for January 2023 was driven by Restaurants & Hotels (6.8%), Food & Non-Alcoholic Beverages (6.7%) and Transportation (4.0%). This was followed by Furnishings, Household Equipment & Routine Household Maintenance (3.5%); Recreation Services & Culture (2.7%); Miscellaneous Goods & Services (2.3%); Health (1.6%); Housing, Water, Electricity, Gas & Other Fuels (1.5%) and Education (1.3%).
All subgroups in Food & Non-Alcoholic Beverages recorded an increase between 0.7 to 9.1 per cent.
The subgroup of Meat recorded an increase at 8.3 per cent as compared to January 2022. This was followed by Milk, cheese & eggs (7.0%); Rice, bread & other cereals (6.7%) and Fruits (4.4%). Sugar, jam, honey, chocolate & confectionery and Fish & seafood increased by 3.4 per cent and 3.2 per cent respectively. Meanwhile, Oils & fats subgroup moderated to 0.7 per cent.
On a monthly basis, inflation in January 2023 increased 0.2 per cent at the same rate as recorded in December 2022. Meanwhile, core inflation that measures changes in the prices of all goods and services, excluding volatile prices of fresh food as well as administered prices of goods by the government registered a slower increase to 3.9 per cent in January 2023 (December 2022: 4.1%).
In January 2023, five states recorded increases above the national inflation level of 3.7 per cent namely Wilayah Persekutuan Putrajaya (5.9%), Sarawak (4.3%), Selangor (4.2%), Johor (3.8%) and Pahang (3.8%). However, Kedah and Wilayah Persekutuan Labuan recorded the lowest increase of 2.2 per cent.
Malaysia recorded a lower inflation rate than some selected countries, namely the Philippines (8.7%), Euro Zone (8.5%), United States of America (6.4%), Indonesia (5.3%), Republic of Korea (5.2%) and Thailand (5.0%).
