The Services Producer Price Index (SPPI) averaged 115.5 points in the fourth quarter of 2023, an increase of 1.0 per cent as compared to 1.4 per cent recorded in the third quarter of 2023.
The SPPI is designed to measure the average changes in the prices of services charged by the local services industry in Malaysia.
The Department of Statistics Malaysia (DOSM) in its release today (Feb 7) dubbed the Services Producer Price Index, Fourth Quarter 2023 said most subsectors recorded an increase this quarter. Arts, Entertainment & Recreation subsector rose by 5.5 per cent (Q3 2023: 0.8%) attributed to the increase in Gambling & Betting Activities (6.2%). Accommodation and Food & Beverage Service Activities went up by 3.4 per cent (Q3 2023: 4.6%) due to increases in Beverage Service Activities (4.0%) and Restaurants & Mobile Food Service Activities (3.8%).
In the meantime, the other subsectors that recorded marginal increases were Education (1.0%), Real Estate Activities (0.6%), Health (0.3%) and Professional (0.2%). However, the index of Transportation recorded a decline of negative 0.5 per cent particularly due to Passenger Air Transport (-2.7%).
Meanwhile, the index of Information & Communication remained unchanged. In the meantime, the other subsectors that recorded marginal increases were Education (1.0%), Real Estate Activities (0.6%), Health (0.3%) and Professional (0.2%).
However, the index of Transportation recorded a decline of negative 0.5 per cent particularly due to Passenger Air Transport (-2.7%). Meanwhile, the index of Information & Communication remained unchanged.
On a quarter-on-quarter basis showed that SPPI increased slightly by 0.1 per cent as compared to 0.4 per cent recorded in the previous quarter.
The increase was contributed by Accommodation and Food & Beverage Service Activities (0.4%), Real Estate Activities (0.3%) and Arts, Entertainment & Recreation (0.3%). In the meantime, both Education and Health subsectors recorded an increase of 0.1 per cent, respectively.
Meanwhile, the index of Professional and Information & Communication remained unchanged. Conversely, the index of Transportation recorded a slight decrease of 0.1 per cent.
SPPI increased by 2.1 per cent in 2023, similar to the previous year. With the exception of Information & Communication which remained unchanged, all other subsectors recorded increases in 2023.
Accommodation and Food & Beverage Service Activities went up by 5.6 per cent, Transportation increased by 2.9 per cent and Arts, Entertainment & Recreation inclined by 2.3 per cent.
Other subsectors that posted an increase were Education (1.0%), Professional (0.4%), Health (0.3%) and Real Estate Activities (0.2%).
