DOSM: Malaysia’s Inflation Moderates To 1.7 Pct In December 2024
KUALA LUMPUR, Jan 22 (Bernama) -- Malaysia’s inflation rate for December 2024 has moderated to 1.7 per cent, with the index points standing at 133.4 as against 131.2 in the same month of the previous year, according to the Department of Statistics Malaysia (DOSM).
Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the increase in inflation in December 2024 was driven by a slower gain in the main groups of personal care, social protection and miscellaneous goods and services (3.2 per cent), recreation, sport and culture (1.7 per cent), health (1.1 per cent) and furnishings, and household equipment and routine household maintenance (0.4 per cent).
He said inflation for restaurant and accommodation services and food and beverages grew at a higher rate of 2.9 per cent and 2.7 per cent compared to 2.8 per cent and 2.6 per cent, respectively, in November 2024.
He said inflation for information and communication continued to fall to negative 5.4 per cent in December 2024 (November 2024: -3.9 per cent).
“Clothing and footwear remained at a negative territory and posted negative 0.5 per cent (November 2024: -0.3 per cent).
“Meanwhile, housing, water, electricity, gas and other fuels (3.2 per cent), education (1.5 per cent), alcoholic beverages and tobacco (0.8 per cent), insurance and financial services (0.5 per cent), and transport (0.4 per cent) increased at the same rate as the previous month,” he said in a statement today.
Regarding inflation at the state level, Mohd Uzir said that most states recorded inflation rates below the national inflation level, except five states which exceeded the national inflation level, namely Pulau Pinang (2.6 per cent), Pahang (2.3 per cent), Selangor (2.0 per cent), Johor (1.8 per cent) and Sarawak (1.8 per cent).
He said the annual inflation rate for 2024 stood at 1.8 per cent, marking a two-year consecutive decline in inflation since 2022 (3.3 per cent).
He noted that the overall monthly inflation for December 2024 increased by 0.1 per cent against November 2024.
“Inflation for the fourth quarter (4Q) of 2024 increased 1.8 per cent (3Q 2024: 1.9 per cent).
“As for quarter-on-quarter comparison, Malaysia’s inflation showed an increase of 0.2 per cent (3Q 2024: 0.4 per cent),” he said.
Meanwhile, Mohd Uzir said core inflation was lower at 1.6 per cent in December 2024, compared to 1.8 per cent in November 2024.
“In comparison to inflation in other selected countries, inflation in Malaysia (1.7 per cent) was lower than inflation in Vietnam (2.9 per cent), the Philippines (2.9 per cent) and the Republic of Korea (1.9 per cent).
“However, the rate was higher than Indonesia (1.6 per cent), Thailand (1.2 per cent) and China (0.1 per cent),” he added.
-- BERNAMA