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Malaysia: Food prices lead inflation higher to 3.4% in June
KUALA LUMPUR: The country registered a consumer price increase of 3.4% year-on-year (y-o-y) to 127.4 in June as food prices continued to rise at an accelerated rate.
In a statement today, chief statistician of the National Statistics Departments Datuk Sri Mohd Uzir Mahidin said the food index rose 6.1%, its highest in over a decade.
“In June 2022, all subgroups in food and non-alcoholic beverages recorded increases of 2.8% to 11.9%.
“Meanwhile, food at home and food away from home inclined 6.1% and 6.6% respectively, contributing to the increase in food inflation.
“Among food away from home that showed increases were roti canai (10.5%), rice with side dishes (9.7%), cooked beef (7.8%) and food made from noodles (7%),” said Mohd Uzir.
The expansion in the consumer price index in June was greater than the 3.1% median forecast in a Reuters poll of economists, and was 0.6% higher than in May.
Meanwhile, core inflation also registered an increase of 3% in June as compared to the same month of the previous year.
Save for the communications sector, there were also price increases across the board including transport (5.4%), restaurants and hotels (5%), furnishings, household equipment and routine household maintenance (3.4%), miscellaneous goods and services (2.2%) and recreation services and culture (2.2%).
The price increase in the transport sector was mainly owing to the increase in the price of unleaded petrol RON97 by 80% to RM4.77 per litre as compared to RM2.65 in the same month last year as Brent crude oil prices surged 64.3% to US$120.08 a barrel in June.
Over the second quarter of 2022, Malaysia recorded inflation of 2.8% to 126.6 as compared to 123.1 in the same quarter in 2021.
The rate of inflation was up 1.1% as compared to the first quarter of 2022.
Comparing the country’s June rate of inflation with that of other countries in the Asia Pacific, Mohd Uzir said it was higher than China (2.5%) but lower than Thailand (7.7%), the Philippines (6.1%), South Korea (6%) and Indonesia (4.4%).
INFOGRAPHIC CONSUMER PRICE INDEX, MALAYSIA JUNE 2022
Source: https://www.thestar.com.my/business/business-news/2022/07/22/food-prices-lead-inflation-higher-to-34-in-june