Inflation remains at 2% in June

Inflation remains at 2% in June

This is driven by price increases at restaurants, accommodation and utilities, says the statistics department.

The core inflation increased by 1.9% in June, buoyed by restaurant and accommodation services at 3.3% and food and beverages at 2.8%.
PETALING JAYA:
The statistics department reported that Malaysia’s inflation held steady at 2% in June 2024.

It said the Consumer Price Index (CPI) was at 133 points compared to 130.4 in June 2023.

In a statement, Chief Statistician Uzir Mahidin said the increase in inflation was driven by a 3.3% rise in the main group of restaurant and accommodation services, as well as a 3.2% rise in housing, water, electricity, gas, and other fuels.

“Inflation for restaurant and accommodation services increased to 3.3%, driven by a rise in the main subgroup of beverage preparation services to 4.2%.

“Meanwhile, the inflation for housing, water, electricity, gas and other fuels increased at the same rate as the previous month at 3.2%,” he said.

Uzir said increases were also recorded in personal care, social protection, miscellaneous goods and services at 2.8%, and food and beverages at 2%.

“However, clothing and footwear, and insurance and financial services declined to negative 0.1%, respectively, compared to the same month of the previous year,” he said.

Uzir said the overall monthly inflation for June 2024 recorded an increase of 0.2%, driven by inflation for transport at 0.5%, restaurant and accommodation services at 0.3%, and recreation, sport and culture at 0.3%.

Meanwhile, inflation for the second quarter of 2024 (Q2 2024) recorded an incline of 1.9% compared to 1.7% in the first quarter of 2024 (Q1 2024).

“Furthermore, the core inflation increased by 1.9% in June 2024, the same rate as recorded in May 2024, buoyed by restaurant and accommodation services at 3.3% and food and beverages at 2.8%,” said Uzir.

Meanwhile, the department said most states recorded increases below the national inflation level of 2%.

“However, four states recorded increases above the national level, including Penang at 3.3%, Sarawak at 2.7%, Pahang at 2.7%, and Selangor at 2.4%,” it said.

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