Malaysia's inflation
eased further to 2.8 per cent in May 2023
Malaysia’s inflation eased further to 2.8 per
cent in May 2023 with the index points recorded at 130.2 as against 126.6 in the
same month of the previous year. The increase in Malaysia’s inflation was still
driven by Restaurants & Hotels (6.7%) and Food & Non-Alcoholic
Beverages (5.9%). Nevertheless, the slower increase in the Transport group of
1.0 per cent as compared to April 2023 (2.3%) to a certain extent offset
Malaysia’s inflation from continuing to rise higher.
Apart from that, the increase in Malaysia’s
inflation for May 2023 also contributed by the rise in Miscellaneous Goods
& Services (2.9%); Furnishings, Household Equipment & Routine Household
Maintenance group (2.7%); Health (1.9%) and Education (1.9%). Housing, Water,
Electricity, Gas & Other Fuels and Recreation Services & Culture
recorded an increase of 1.8 per cent respectively. This was followed by,
Alcoholic Beverages & Tobacco (0.7%) and Clothing & Footwear (0.4%).
The increase in the component of Food at home
was mainly driven by the increase in the subgroup of Meat (7.8%); Milk, cheese
& eggs (6.5%); Rice, bread & other cereals (6.0%) and Sugar, jam,
honey, chocolate & confectionery (3.7%). Fruits increased by 3.6 per cent
and Fish & seafood increased by 2.7 per cent.
The monthly headline inflation in May 2023
increased by 0.2 per cent as compared to April 2023 (0.1%). This was mainly
contributed by Restaurants & Hotel (0.6%), Food & Non-Alcoholic
Beverages (0.5%) and Housing, Water, Electricity, Gas & Other Fuels (0.5%).
Meanwhile, core inflation eased to 3.5 per cent (April 2023: 3.6%).
At the state level, nine states recorded
increases below the national inflation level of 2.8 per cent with Wilayah
Persekutuan Labuan recorded the lowest increase of 1.2 per cent in May 2023.
However, seven states recorded increases above the national inflation level
namely Sarawak (3.5%), Selangor (3.3%), Perak (3.2%), Wilayah Persekutuan
Putrajaya (3.1%), Pahang (3.1%), Melaka (3.1%) and Sabah (3.0%).
For comparison with other countries, Malaysia recorded
a lower inflation rate than the Eurozone (6.1%), Philippines (6.1%), United
States of America (4.0%), Indonesia (4.0%) and South Korea (3.3%).
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