PETALING JAYA: Malaysia’s inflation moderated to 1.7% in December 2024 with the consumer price index (CPI) standing at 133.4 as against 131.2 in the same month of the previous year.
Inflation in December 2024 was driven by a slower increase in the main groups of personal care, social protection & miscellaneous goods & services (3.2%); recreation, sport & culture (1.7%); health (1.1%) and furnishings, household equipment & routine household maintenance (0.4%).
Meanwhile, inflation for restaurant & accommodation services and food & beverages increased at a higher rate of 2.9% and 2.7% compared to 2.8% and 2.6% respectively in November 2024.
Chief Statistician Malaysia Datuk Seri Mohd Uzir Mahidin said inflation for information & communication continued to decrease to negative 5.4% in December 2024 (November 2024: -3.9%). This was due to the decline for main subgroup of information & communication services at negative 6.4% (November 2024: -4.4%).
Clothing & footwear remained in negative territory and posted negative 0.5% (November 2024: -0.3%). Meanwhile, housing, water, electricity, gas & other fuels (3.2%); education (1.5%); alcoholic beverages & tobacco (0.8%); insurance & financial services (0.5%) and transport (0.4%) increased at the same rate as in the previous month.
The food & beverages group which contributes 29.8% to the total CPI weight increased by 2.7% in December 2024 (November 2024: 2.6%). The main subgroup of food at home increased by 0.9% (November 2024: 0.6%) due to the inflation in the expenditure class of vegetables which recorded an increase of 3.6% (November 2024: 1.1%). The rise in vegetable prices is influenced by adverse weather conditions and frequent rainfall, affecting production areas in key production regions such as Cameron Highlands.
Among the vegetables that recorded a higher increase on a year-on-year basis in December 2024 were long beans, 12.7% (November 2024: 3.3%), cabbage, 11.7% (November 2024: 8.5%) and lady’s finger, 11.1% (November 2024: 1.8%).
The expenditure class of meat recorded a decline at a negative rate of 0.3% in December 2024 (November 2024: 1.6%). The decline in the expenditure class was contributed by local beef which registered negative 3.2% in December 2024 (November 2024: -1.8%). Chicken as the largest component (32.6%) in the expenditure class of meat recorded a slower increase at 0.9% (November 2024: 4.8%).
Based on data collected by Department of Statistics, Malaysia, the average price of standard chicken in Malaysia for December 2024 was RM10.32 per kg compared to RM10.18 per kg in December 2023 (November 2024: RM10.41). Meanwhile, the average price of standard chicken in Peninsular Malaysia for December 2024 was RM9.52 per kg compared to RM9.44 per kg in December 2023 (November 2024: RM9.69).
Apart from that, the main subgroup of food away from home increased 4.8%, the same rate as in the previous month. Among the items that recorded increases in December 2024 were cooked vegetables, 6.0% (November 2024: 5.1%), rice with side dishes, 4% (November 2024: 3.8%) and satay, 3.9% (November 2024: 3.5%).
Furthermore, inflation for transport remained at 0.4% in December 2024 as compared to November 2024. The increase was contributed by main subgroup of operation of personal transport equipment which increased 1.0% in December 2024 (November 2024: 0.9%). Among the items that recorded an increase were car wash services, 5.7% (November 2024: 4.6%); car servicing, 5.6% (November 2024: 5.1%) and repair of motorcycle, 3.2% (November 2024: 3.2%). In addition, the subgroup of purchase of vehicles recorded a decline at negative 0.9% (November 2024: -0.6%) due to price reductions offered as rebates to new car buyers.
Inflation for diesel remained at the same rate as in the prior month at 15%. The average price for diesel in Peninsular Malaysia was RM2.95 per litre as compared to RM2.15 per litre in December 2023 (November 2024: RM2.95). However, the average price of diesel for Sabah, Sarawak and Federal Territoty (FT) Labuan remained at RM2.15 per litre. In addition, inflation for Unleaded petrol RON97 decreased at negative 7.5% (November 2024: -8.1%). The average price of Unleaded petrol RON97 in December 2024 was RM3.21 per litre as against RM3.47 per litre in December 2023 (November 2024: RM3.19).
Mohd Uzir said most of the states recorded inflation below the national inflation level of 1.7%. However, inflation for five states were above the national inflation level, namely, Penang (2.6%), Pahang (2.3%), Selangor (2%), Johor (1.8%) and Sarawak (1.8%). All states registered an increase in the inflation of food & beverages. The highest rate was recorded by Selangor at 4.1%, followed by FT Kuala Lumpur (3.1%), Johor (3%), Terengganu (2.9%) and FT Putrajaya (2.9%). Meanwhile, other states showed an increase below the national inflation of food & beverages of 2.7% in December 2024.
