skyline at night in Malaysia

Malaysia Inflation November 2023

Malaysia: Inflation declines to lowest level since February 2021 in November

Inflation inched down to 1.5% in November from October’s 1.8%. November’s result represented the lowest inflation rate since February 2021. The result was largely driven by slower growth in prices for food and non-alcoholic beverages. Moreover, prices for recreation services and culture grew at a more subdued pace.

Annual average inflation fell to 2.7% in November (October: 2.9%).

Finally, consumer prices recorded zero growth in November over the previous month, which was below October’s 0.08% increase. November’s result marked the in prices since August 2021.

Analysts at the EIU commented on the outlook for Malaysia’s inflation in 2024:

“Domestic policies such as the removal of price caps and diesel subsidy, and higher services taxes will preclude a quicker slowdown in inflation. The El Niño phenomenon will also exert upward pressure on food prices, although we assess the likely overall impact on inflation to be moderate. […] If the Israel-Hamas conflict escalates regionally and affects oil supplies, energy prices could see a significant rise.”

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