KUALA LUMPUR: Malaysia's inflation growth in June came in at 2.4%, which was in line with expectations as the cost of consumer goods in the country continued to moderate.
The increase in the consumer price index (CPI) in June was lower than 2.8% recorded in May 2023 and in line with the expectations of the median forecast of a poll of Reuters economists.
Core inflation, which measures changes in the prices of all goods and services excluding volatile prices of fresh food as well as administered prices of goods by the government increased 3.1% in June.
In a statement, the National Statistics Department said the results, which was the lowest in the six months of the year so far, was brought lower by lower price increases in restaurants and hotels (5.4%), food and non-alcoholic beverages (4.7%), furnishings, household equipment and routine household maintenance (2.3%).
Apart from that, the increase in Malaysia’s inflation for June 2023 was also contributed by the rise in miscellaneous goods and services (2.6%); health (2%) and education (1.9%).
Housing, water, electricity, gas and other fuels and recreation services and culture recorded an increase of 1.8% and 1.6% respectively.
This was followed by alcoholic beverages and tobacco (0.6%) and clothing and footwear (0.1%).
The government agency said inflation for the transport group was unchanged as compared to June 2022.
"The subgroup of transport services and purchase of vehicle increased by 5.2% and 1.9% respectively.
"Nevertheless, the decrease in inflation of the subgroup of operation of personal transport equipment by negative 0.6% has to certain extent offset the inflation of this group from increasing," said the Statistics Department.
It added that the decline in the price of unleaded petrol RON97 by 29.4% in June also contributed to the decrease in the expenditure class.
