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Malaysia Inflation

Malaysia Inflation

Inflation in Malaysia

Consumer price inflation in Malaysia averaged 2.0% in the ten years to 2022, slightly below the Asia-Pacific regional average of 2.1%. The 2022 average figure was 3.4%. For more inflation information, visit our dedicated page.

Malaysia Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Malaysia from 2019 to 2018.
Source: Department of Statistics Malaysia.

Malaysia Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 1.0 0.7 -1.1 2.5 3.4
Inflation (CPI, ann. var. %, eop) 0.2 1.0 -1.4 3.2 3.8
Inflation (PPI, ann. var. %, aop) -1.1 -1.4 -2.7 9.5 7.7

Inflation remains steady in March

Inflation came in at 1.8% in March, matching February’s reading and surprising markets on the downside. The stable figure was largely driven by softer growth in prices for food and non-alcoholic beverages offsetting stronger price pressures for housing and utiltiies. Meanwhile, price rises for transport were broadly stable. The trend pointed down slightly, with annual average inflation coming in at 2.0% in March (February: 2.1%). Lastly, consumer prices increased a seasonally adjusted 0.08% in March over the previous month, slowing down from the 0.53% rise logged in February.

United Overseas Bank analysts Julia Goh and Loke Siew Ting said: “March’s inflation outturn did not sway our view that headline inflation will trend up gradually towards year end. We project it to average 2.6% for the entire year of 2024 (BNM est: 2.0%-3.5%, 2023: 2.5%), barring the effects of subsidy rationalization measures particularly the removal of fuel subsidies due to a lack of details on the timing, quantum and method of implementation. Meanwhile, the government continues to implement selective measures in recent months to help mitigate the impact of elevated price pressures and supply shortage.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Malaysian inflation projections for the next ten years from a panel of 35 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Malaysian inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Malaysian inflation projections.

Want to get access to the full dataset of Malaysian inflation forecasts? Send an email to

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