Headline Inflation: CPI inflation eased to +1.8% year-on-year (yoy) in November 2024, slightly below estimates, mainly due to slower non-food inflation (+1.4% yoy vs. +1.7% in October).
Regional Trends: Both urban and rural areas saw slower inflation. Penang reported the highest state-level inflation at +2.9% yoy, above the national average.
2024 Outlook: CPI inflation is projected to moderate to +2.0% in 2024 (down from +2.5% in 2023). With stable inflation and minimal demand pressures, the Overnight Policy Rate (OPR) is expected to remain steady at 3.00% throughout 2024.
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