Malaysia’s Inflation Reaches 1.9% in October 2024

Malaysia’s inflation rate rose to 1.9% in October 2024, up from 1.8% in September, with the Consumer Price Index (CPI) reaching 133.4, compared to 130.9 in October 2023. Key contributors to this increase included food and beverages (2.3%) and personal care, social protection, and miscellaneous goods (3.4%).

Other sectors such as restaurant and accommodation services (2.8%), recreation (2.0%), health (1.4%), and transport (0.7%) saw slower growth. Notably, the information and communication sector declined by -1.7%, while clothing and footwear also decreased by -0.2%.

Malaysia’s Monthly Inflation Update

On a monthly basis, inflation increased by 0.2%, mainly driven by food and beverages (0.8%) and personal care (0.2%). Core inflation remained steady at 1.8%. Diesel prices rose 15.0%, but at a slower pace than the previous month, while the price of RON97 petrol fell to RM3.19 per liter. Regionally, states like Pulau Pinang (3.1%) and Pahang (2.7%) had inflation rates above the national average. Malaysia’s inflation rate was lower than Vietnam (2.9%) and the Philippines (2.3%), but higher than Indonesia (1.7%) and South Korea (1.3%).

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