MALAYSIA INFLATION RATE AT 3.7%

Inflation rate stays at 3.7%

FMT Business - 24 Mar 2023, 2:01pm

PETALING JAYA: Increases in the prices of several items such as food and beverages, household essentials and health products continue to drive the inflation rate in Malaysia.

However, an easing in transport cost has helped to keep the rate at an even keel, according to the statistics department.

The opposing trend in the consumer price index (CPI) of various groups has kept the inflation rate at 3.7% in February, the same level as in the previous month.

 An increase in prices of food has been negated by a drop in transport costs, thus keeping the inflation rate unchanged.

Rise in consumer price index for some groups and drop for others keep the rate unchanged.

A recent poll of 22 economists by Reuters forecast a 3.6% inflation rate.

Chief Statistician Uzir Mahidin said today the restaurants and hotels sector recorded a 7.4% increase in the CPI while the food and non-alcoholic beverages saw a 7% rise.

However, a drop in the CPI for the transport group – from 4% in January to 3.7% in February – has helped to offset the rise in inflation.

Among other groups that also recorded increases in the CPI are miscellaneous goods and services, utilities, recreation services and education.

However, alcoholic beverages as well as clothes and footwear recorded marginal drops of 0.8% and 0.4% in their CPI respectively.

While the food and non-alcoholic beverages CPI recorded an increase overall, some items within the group saw a drop in the index.

Food away from home recorded a CPI of 8.9% compared with 9.3% in January.

The subgroup for milk, cheese and eggs rose but at a lower pace of 6.6% in February compared with 7% in January.

Meanwhile, transport inflation slowed to 3.7% in February from 4% previously.

The rate for unleaded petrol RON97 fell to 4.4% from 9.5% in January, as fuel price remained at RM3.35 per litre.

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