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Malaysia: November inflation up 3.4% on higher fuel costs
KUALA LUMPUR: Malaysia’s inflation rose 3.4% in November from a year ago due to higher fuel costs but the increase was below the forecast of a 3.5% increase.
The Statistics Department said on Wednesay the inflation rate, as measured by the consumer price index (CPI) was up 0.7% from October.
Core inflation rose 2.2% in November 2017 from a year ago.
It said the CPI increased by 3.4% in November to 120.8 in November 2017 from 116.8 from a year ago.
Among the major groups which recorded increases were the indices for transport (+10.8%), food & non-alcoholic beverages (+4%), restaurants and hotels (+2.8%), furnishings, household equipment & routine household maintenance (+2.5%), health (+2.2%) and housing, water, electricity, gas & other fuels (+2.2%).
Commenting on the transport group, it jumped 10.8% year-on-year basis in November 2017, after rising 12.1% in October 2017.
The main cause was the rise in the average price of petrol. A litre of RON95 petrol was RM2.30 in November 2017, up from RM1.95 a year ago. As for RON97, the average price increased to RM2.59
The department said fuels & lubricants for personal transport equipment accounted for 7.8% of the CPI weights.
The index for food & non-alcoholic beverages which accounted 30.2% in the CPI weights, increased 4% in November 2017.
The increase was driven by food sub-group index which comprised of fish & seafood (+7.6%), fruits (+4.2%), vegetables (+3.2%) and meat (+2.9%).
The department said the index for food away from home index continued to rise in November 2017, up 5%.
“In terms of overall CPI, five states surpassed the national CPI rate of 3.4%. They are Johor, Melaka, Kedah & Perlis, Selangor & Wilayah Persekutuan Putrajaya and Pulau Pinang,” it said.
Core inflation rose 2.2% in November 2017 from a year ago. Among the major groups which influenced the higher core rate were price increases of food & non-alcoholic beverages (+3.6%), restaurants & hotels (+2.8%), housing, water, electricity, gas & other fuels (+2.6%).
CPI for January to November 2017 increased 3.9% from the previous corresponding period.
The index for food & non-alcoholic beverages was the main contributor to the rise in CPI which increase of 4.3%.
The increase was contributed by the index for food away from home (+4.7%) and food at home (+4.2%).
Core inflation, which excludes most volatile items of fresh food, as well as administered prices of goods and services recorded changes ranging from 2.2% to 2.6%.
Source: https://www.thestar.com.my/business/business-news/2018/01/24/november-inflation-up-3pt4pct-on-higher-fuel-costs/#R3jdAcfUyub7kgwQ.99