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Malaysia Inflation March 2023

Malaysia: Inflation drops to lowest level since June 2022 in March

Inflation came in at 3.4% in March, which was down from February’s 3.7%. March’s reading represented the weakest inflation rate since June 2022. The moderation was primarily driven by a slower increase in prices for food and non-alcoholic beverages. In addition, price pressures for housing and utilities softened.

The trend pointed up slightly, with annual average inflation coming in at 3.7% in March (February: 3.6%).

Lastly, consumer prices increased a seasonally adjusted 0.08% in March over the previous month, coming in below February’s 0.23% rise. March’s result marked the weakest reading since August 2021.

Commenting on the outlook, economists at UOB stated:

“Barring any potential changes in domestic price and subsidy policy, we believe the existing disinflationary process will persist throughout the remaining months of the year. But, the pace of easing may be more moderate than previously anticipated given the stickiness of core inflation, which has surpassed headline inflation for a sixth consecutive month and implying resilience of domestic demand.”

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