MALAYSIA'S INFLATION REMAINS AT 2.0% IN JUNE 2024 -- DOSM

Malaysia's inflation remained at 2.0% in June 2024, said the Department of Statistics Malaysia (DOSM).

It said the Consumer Price Index (CPI) was at 133.0 points compared to 130.4 in June 2023.

Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said the increase in inflation was driven by the incline in the main group of restaurant and accommodation services of (3.3%), as well as housing, water, electricity, gas and other fuels (3.2%).

“Inflation for restaurant and accommodation services increased to 3.3%. This was due to the increase in the main subgroup of beverage preparation services to 4.2%.

“Meanwhile, the inflation for housing, water, electricity, gas and other fuels increased at the same rate as the previous month at 3.2%,” he said in a statement.

The chief statistician said increases were also recorded in personal care, social protection and miscellaneous goods and services (2.8%), as well as food and beverages (2.0%).

“However, clothing and footwear, and insurance and financial services declined to negative 0.1%, respectively, compared to the same month of the previous year,” he said.

Mohd Uzir said the overall monthly inflation for June 2024 recorded an increase of 0.2%, driven by inflation for transport of 0.5%, restaurant and accommodation services (0.3%) and recreation, sport and culture (0.3%).

Meanwhile, inflation for the second quarter (2Q) of 2024 recorded an incline of 1.9% compared to 1.7% in 1Q 2024.

“Furthermore, the core inflation increased at 1.9% in June 2024, the same rate as recorded in May 2024, buoyed by the restaurant and accommodation services (3.3%) and food and beverages (2.8%),” said Mohd Uzir.

Meanwhile, DOSM said most states recorded increases below the national inflation level of 2.0%, but four states recorded increases above the national inflation level, namely Penang (3.3%), Sarawak (2.7%), Pahang (2.7%) and Selangor (2.4%).