Stats Dept: Malaysia's March inflation remains at 1.8pc

KUALA LUMPUR, April 25 ― Malaysia’s inflation remained at 1.8 per cent in March 2024 with the index recording 132.2 points versus 129.9 in the same period last year, said the Department of Statistics (DoSM).

DoSM said the housing, water, electricity, gas and and other fuels (3.0 per cent); restaurant and accommodation services (3.0 per cent); personal care, social protection and miscellaneous goods and services (2.6 per cent) and transport (1.3 per cent) sectors saw an increase in inflation in March.

“However, the increase has been offset by the other main group, which recorded a slower increase, namely health (2.1 per cent); food and beverages (F&B) (1.7 per cent) and recreation, sport and culture (1.5 per cent),” it said in a statement today on the March 2024 Consumer Price Index (CPI).

Chief Statistician Datuk Seri Mohd Uzir Mahidin said the increase of 3.0 per cent compared with 2.7 per cent in February 2024 for housing, water, electricity, gas and other fuels was contributed by the expenditure class of water supply, which increased to 31.4 per cent in March 2024 compared to February 2024’s 28.8 per cent).

“Kedah has increased the water tariff rates for domestic category users starting in March 2024 compared to other states that have implemented the new tariff rates in February 2024,” he said.

Mohd Uzir said the F&B group, which contributes 29.8 per cent of the total CPI weight, recorded a slower increase of 1.7 per cent in March 2024 compared to 1.9 per cent in February 2024.

“The main subgroup of food at home increased to 0.3 per cent in March 2024 (February 2024: 0.5 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 and cereal products increased by 2.0 per cent in March 2024 (February 2024: 2.5 per cent). This was contributed by Basmati rice which increased slower at 0.4 per cent as compared with 1.0 per cent in February 2024,” he said.

Meanwhile, the chief statistician said rice flour rose to 9.6 per cent from 8.8 per cent in February 2024.

He said the inflation for the expenditure class of milk, other dairy products and eggs registered a slower increase of 1.4 per cent in March 2024 from 2.3 per cent in the previous month.

“The slower increase was recorded by the expenditure item of fresh milk 2.4 per cent versus 2.5 per cent in February 2024,” he said.

Meanwhile, DoSM said the inflation for the expenditure class of oil and fats remained in the negative range at negative 0.1 per cent in March 2024 (February 2024: -0.2 per cent).

The inflation for the expenditure class of meat increased slower to 0.2 per cent in March 2024 (February 2024: 0.5 per cent).

It said chicken, the largest component, comprising 32.6 per cent of the expenditure class of meat, recorded a decline of negative 1.1 per cent (February 2024:-0.7 per cent).

“The March 2024 average price of standard chicken in Malaysia was RM10.28 per kilogramme compared with RM10.40 per kilogramme in March 2023 (February 2024: RM10.29),” it said.

The increase in inflation for restaurant and accommodation services to 3.0 per cent (February 2024: 2.9 per cent) due to the increase in beverage preparation services, 3.7 per cent (February 2024: 3.4 per cent), the DoSM said.

At the same time, it said the inflation for personal care, social protection and miscellaneous goods and services increased by 2.6 per cent (February 2024: 2.5 per cent) due to the incline in the subgroup of other personal item, 9.8 per cent (February 2024: 8.6 per cent).

Other than that, inflation for transport increased by 1.3 per cent in March 2024 against 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 per cent).

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).

“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 per cent ), Sarawak (2.9 per cent), Pahang (2.1 per cent), Selangor (2.1 per cent) and Perlis (1.9 per cent),” said Mohd Uzir.

All states registered an increase in the inflation of F&B, with Selangor recording the highest increase at 3.2 per cent, followed by Pulau Pinang (2.8 per cent), Putrajaya (2.6 per cent), Sarawak (2.1 per cent), Perlis (2.1 per cent) and Labuan (2.0 per cent).

Meanwhile, other states showed an increase below the national inflation of F&B of 1.7 per cent in March 2024.

Overall, monthly inflation recorded a marginal increase of 0.1 per cent versus 0.5 per cent recorded in February 2024.

A few main groups that posted increases on a monthly basis were restaurant and accommodation services (0.4 per cent); personal care, social protection miscellaneous goods and services (0.4 per cent) and housing, water, electricity, gas and other fuels (0.3 per cent).

Meanwhile, inflation for the first quarter (1Q) of 2024 recorded an incline of 1.7 per cent (4Q 2023: 1.6 per cent).

For quarterly comparison, Malaysia’s inflation increased 0.7 per cent (Q4 2023: 0.2 per cent).

Mohd Uzir said core inflation increased slower at 1.7 per cent as compared to 1.8 per cent in February 2024.

He said the increase was due to the F&B and restaurant and accommodation services, both of which recorded increases of 3.0 per cent in March 2024.

“Compared with inflation in other selected countries, inflation in Malaysia (1.8 per cent) was lower than inflation in Vietnam (4.0 per cent), the Philippines (3.7 per cent), United States (3.5 per cent), South Korea (3.1 per cent) and Indonesia (3.1 per cent).

“However, the rate is higher than China (0.1 per cent) and Thailand (-0.5 per cent),” he added. ― Bernama