Malaysia Consumer Price Index - 27 May 2024

April inflation steady at 1.8% YoY despite tourism surge and festive celebrations

The inflation rate remained unchanged at 1.8% YoY for the third consecutive month in April, matching our house forecast but slightly lower than the market consensus of 1.9%

  • Despite a rise in miscellaneous and recreation costs, partly attributed to increased tourism activity, inflation remains relatively subdued as key subcomponents such as food and housing have remained fairly unchanged on a monthly basis.
  • However, core inflation rose to 1.9% YoY (Mar: 1.7%), primarily driven by increases in the price of core food, in addition to recreation and miscellaneous items.
  • On a MoM basis, both headline (Mar: 0.1%) and core (Mar: 0.2%) inflation recorded a 0.2% gain, reflecting moderate price pressures across the components.