Malaysia’s inflation remained at 1.8 per cent in March 2024 with the index points recorded at 132.2 as against 129.9 in the same month of the previous year.
The Department of Statistics Malaysia (DOSM) reported today (Apr 25) on the release of CONSUMER PRICE INDEX (CPI), MARCH 2024 that the increase of inflation in March 2024 was driven by Housing, Water, Electricity, Gas & Other Fuels (3.0%); Restaurant & Accommodation Services (3.0%); Personal Care, Social Protection & Miscellaneous Goods & Services (2.6%) and Transport (1.3%).
However, the increase has been offset by the other main group which recorded a slower increase namely Health (2.1%); Food & Beverages (1.7%) and Recreation, Sport & Culture (1.5%).
Chief Statistician Malaysia, Dato’ Sri Dr. Mohd Uzir Mahidin said, the increase of 3.0 per cent as compared to 2.7 per cent in February 2024 for Housing, Water, Electricity, Gas & Other Fuels was contributed by the expenditure class of Water supply which increased to 31.4 per cent in March 2024 (February 2024: 28.8%).
Kedah has increased the water tariff rates for domestic category users starting in March 2024 as compared to other states that have implemented the new tariff rates in February 2024.
The Food & Beverages group which contributes 29.8 per cent of the total CPI weight recorded a slower increase of 1.7 per cent in March 2024 (February 2024: 1.9%).
The main subgroup of Food at home increased to 0.3 per cent.
Meanwhile, the main subgroup of Food away from home increased 3.5 per cent, the same rate as registered in February 2024. The expenditure class of Cereals & cereal products increased by 2.0 per cent in March 2024 (February 2024: 2.5%).
This was contributed by Basmati rice which increased slower at 0.4 per cent as compared to 1.0 per cent in February 2024. Meanwhile, Rice flour inclined to 9.6 per cent (February 2024: 8.8%).
The inflation for the expenditure class of Milk, other dairy products & eggs registered a slower increase of 1.4 per cent in March 2024 (February 2024: 2.3%). The slower increase was recorded by expenditure item of Fresh milk 2.4 per cent (February 2024: 2.5%).
Meanwhile, the inflation for the expenditure class of Oil & fats remained in the negative range at negative 0.1 per cent in March 2024 (February 2024: -0.2%).
The inflation for the expenditure class of Meat increased slower to 0.2 per cent in March 2024 (February 2024: 0.5%).
Chicken as the largest component comprised of 32.6 per cent in the expenditure class of Meat recorded a decline of negative 1.1 per cent (February 2024:-0.7%).
The average price of Standard chicken at Malaysia and in March 2024 was RM10.28 per kilogramme as compared to RM10.40 per kilogramme in March 2023 (February 2024: RM10.29).
The increase in inflation for Restaurant & Accommodation Services to 3.0 per cent (February 2024: 2.9%) due to the increase in Beverage preparation services, 3.7 per cent (February 2024: 3.4%).
At the same time, inflation for Personal Care, Social Protection & Miscellaneous Goods & Services increased by 2.6 per cent (February 2024: 2.5%) due to the incline in the subgroup of Other personal item, 9.8 per cent (February 2024: 8.6%).
Other than that, inflation for Transport increased by 1.3 per cent in March 2024 as compared to 1.2 per cent in February 2024.
The increase was due to the main subgroup of Operation of personal transport equipment which increased to 1.4 per cent in March 2024 (February 2024: 1.3%).
The average price of Unleaded petrol RON97 in March 2024 was RM3.47 per litre as against RM3.35 per litre in March 2023 (February 2024: RM3.47).
Mohd Uzir Mahidin added with regards to inflation at the state level, most of the states recorded increases below the national inflation level of 1.8 per cent.
However, five states recorded increases above the national inflation level namely Pulau Pinang (3.0%), Sarawak (2.9%), Pahang (2.1%), Selangor (2.1%) and Perlis (1.9%). All states registered an increase in the inflation of Food & Beverages. The highest increase was recorded by Selangor (3.2%), followed by Pulau Pinang (2.8%), Wilayah Persekutuan Putrajaya (2.6%), Sarawak (2.1%), Perlis (2.1%) and Wilayah Persekutuan Labuan (2.0%).
Meanwhile, other states showed an increase below the national inflation of Food & Beverages of 1.7 per cent in March 2024.
Overall, monthly inflation recorded a marginal increase of 0.1 per cent as compared to 0.5 per cent recorded in February 2024.
A few main groups that posted increases on a monthly basis were Restaurant & Accommodation Services (0.4%); Personal Care, Social Protection & Miscellaneous Goods & Services (0.4%) and Housing, Water, Electricity, Gas & Other Fuels (0.3%). Meanwhile, inflation for the first quarter of 2024 recorded an incline of 1.7 per cent (Q4 2023: 1.6%). For quarterly comparison, Malaysia’s inflation increased 0.7 per cent (Q4 2023: 0.2%).
Meanwhile, core inflation increased slower at 1.7 per cent as compared to 1.8 per cent in February 2024. The increase was due to the Food & Beverages and Restaurant & Accommodation Services which both recorded increases of 3.0 per cent respectively in March 2024.
In comparison to inflation in other selected countries, inflation in Malaysia (1.8%) was lower than inflation in Vietnam (4.0%), Philippines (3.7%), United States of America (3.5%), Republic of Korea (3.1%) and Indonesia (3.1%). However, the rate is higher than China (0.1%) and Thailand (-0.5%).
