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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 2014 to 2023.
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 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.”

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 33 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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