Malaysia Consumer Price Index - 23 January 2024

Remained unchanged at 1.5% YoY in December, while core inflation cooled below the 2.0% level

The headline inflation remained at an almost three-year low of 1.5% YoY in December, matching house and market estimate

  • In 2023, inflation cooled to an average of 2.5% YoY (2022: 3.3%; KIBB: 2.5%), slightly above its 30-year average of 2.4%, attributable to lower food and transport prices.
  • Core inflation (1.9%; Nov: 2.0%): eased to below the 2.0% level for the first time in 22 months, bringing the full-year rate to an unchanged 3.0%.
  • 4Q23 (1.6%; 3Q23: 2.0%): cooled further due to a substantial moderation in food prices (2.8%; 3Q23: 4.1%).
  • On a MoM basis, headline CPI rose by 0.2% (Nov: 0.0%) while core inflation continued to record a muted growth rate of 0.0%.