Malaysia's November 2024 Inflation Falls To 1.8 Pct -- DOSM

KUALA LUMPUR, Dec 20 (Bernama) -- Malaysia’s inflation rate for November 2024 has decreased to 1.8 per cent, down from 1.9 per cent in October this year, the first decline since August 2021, according to the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin attributed the decline to inflation in the main group of information and communication, which fell by 2.3 per cent.

“This was followed by the inflation for transport (-0.2 per cent) and clothing and footwear (-0.1 per cent),” he said.

In a statement today, Mohd Uzir said core inflation increased at the same rate at 1.8 per cent in November 2024 as compared to October 2024. 

“The increase was due to food and beverages (3.7 per cent); personal care, social protection and miscellaneous goods and services (3.4 per cent) and restaurant and accommodation services (2.8 per cent),” he said.

On a yearly basis, Malaysia’s inflation rate for November 2024 has increased to 1.8 per cent from 1.5 per cent in November 2023. 

The consumer price index (CPI) for November 2024 inched down to 133.3, compared to 130.9 in the same period last year.

The chief statistician said the increase in inflation in November 2024 was driven by a slower increase in the main groups of health (1.2 per cent) and transport (0.4 per cent), while inflation for food and beverages increased at a higher rate of 2.6 per cent as compared to 2.3 per cent in October 2024.

He said the main group of housing, water, electricity, gas and other fuels also showed a higher increase in November 2024, at 3.2 per cent compared to 3.1 per cent in the previous month.

“Inflation for information and communication continued to decrease to a negative 3.9 per cent in November 2024 (October 2024: -1.7 per cent) due to the decline in inflation for main subgroup of information and communication services at negative 4.4 per cent (October 2024: -1.8 per cent),” he said.

“Clothing and footwear remained at a negative territory and posted negative 0.3 per cent (October 2024: -0.2 per cent).

“Personal care, social protection and miscellaneous goods and services increased by 3.4 per cent; restaurant and accommodation services (2.8 per cent); and recreation, sport and culture (2.0 per cent),” he said.

Meanwhile, inflation for education grew by 1.5 per cent, followed by alcoholic beverages and tobacco (0.8 per cent).

“Furnishings, household equipment and routine household maintenance (0.5 per cent) and insurance and financial services (0.5 per cent) increased at the same rate as the previous month,” he said.

According to Mohd Uzir, inflation in the transport sector eased to 0.4 per cent in November 2024, down from 0.7 per cent in October 2024, primarily due to slower growth in the cost of operating personal transport equipment.

Among the items that recorded a lower increase were car servicing at 5.1 per cent (October 2024: 5.4 per cent), car wash services, 4.6 per cent (October 2024: 4.7 per cent) and repair of motorcycles, 3.2 per cent (October 2024: 3.6 per cent).

In addition, the subgroup of purchases of vehicles recorded a decline at negative 0.6 per cent (October 2024: 0.3 per cent) due to price reductions offered as rebates to new car buyers.

“Inflation for diesel and unleaded petrol RON97 remained at the same rate as the prior month at 15.0 per cent and negative 8.1 per cent, respectively,” he said. 

The average price for diesel in Peninsular Malaysia was RM2.95 per litre as compared to RM2.15 per litre in November 2023 (October 2024: RM2.95); however, the average price of diesel for Sabah, Sarawak and Labuan remained at RM2.15 per litre.

Mohd Uzir added that the average price of unleaded petrol RON97 in November 2024 was RM3.19 per litre as against RM3.47 per litre in November 2023 (October 2024: RM3.19).

Regarding the inflation at the state level, the chief statistician said that inflation for five states was above the national inflation level of 1.8 per cent, namely Penang (2.9 per cent), Pahang (2.4 per cent), Selangor (2.1 per cent), while inflation in Johor and Sarawak grew by 1.9 per cent.

In comparison to inflation in other selected countries, inflation in Malaysia (1.8 per cent) was lower than Vietnam’s 2.8 per cent and the Philippines at 2.5 per cent.

“However, the rate was higher than Indonesia (1.6 per cent), Republic of Korea (1.5 per cent), Thailand (1.0 per cent) and China (0.2 per cent),” he added. 

-- BERNAMA