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Malaysia Inflation December 2023

Malaysia: Inflation holds steady in December

Inflation held steady at November’s 1.5% in December. Looking at the details of the release, transportation prices rose at a quicker pace in December compared to the previous month, while price pressures for food and housing and utilities eased.

The trend pointed down mildly, with annual average inflation coming in at 2.5% in December (November: 2.7%).

Lastly, consumer prices rose a seasonally adjusted 0.23% from the previous month in December, after November’s flat result . December’s result was the highest reading since February.

EIU analysts commented on the outlook:

“We expect consumer price inflation to average 2.6% in 2024, up from 2.5% in 2023. Sticky prices will reflect domestic policies, such as the removal of price caps and fuel subsidies, and higher services taxes. In addition, the El Niño phenomenon will also exert upward pressure on food prices, although we assess the likely overall impact on inflation to be moderate. Energy prices will remain relatively high compared with pre-pandemic levels as OPEC countries remain reluctant to raise production.”

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