Malaysia registers inflation of 2.8% in May as food prices soar


KUALA LUMPUR: Malaysia recorded a 2.8% year-on-year (y-o-y) enhance in client prices in May amid the accelerating price of food

The May headline inflation was above the two.6% median development forecast of a Reuters ballot of economists and better than the two.3% enhance recorded in April.

In an announcement, National Statistics Department chief statistician Datuk Sri Mohd Uzir Mahidin mentioned food inflation rose to a brand new excessive of 5.2%, the very best since November 2011.

“Out of 93% of objects that elevated in the food group, 29.4% elevated in the vary of lower than 5%, 37.7% enhance between 5-10% whereas 32% elevated greater than 10%,” he mentioned.

Mohd Uzir famous that hen prices, the biggest element in the meat subgroup, rose 13.4% y-o-y, because of the rising price of feed coupled with a rise in demand.

In different sectors, the fee of transport elevated 3.9%, eating places and resorts rose 3.7%, and furnishings, family tools and routine family upkeep gained 2.9%.

“The enhance in the transport group was largely because of the enhance in the typical value of Unleaded Petrol RON97 by 63.8% (RM4.26 per litre) as in comparison with RM2.60 in the identical month of the earlier 12 months.

“The enhance in gasoline prices was a direct impression to the rise in the worth of Brent crude oil (65.2%) to US$112.37 per barrel in May 2022,” mentioned Mohd Uzir.

Core inflation in the meantime was up 2.4% y-o-y in May, led by a 4.7% enhance in the transport group and a 4.4% enhance in the food and non-alcoholic drinks sector.

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